Brazil's Bolsonaro hikes finance tax to pay for pandemic welfare program
Reuters
Published Sep 16, 2021 08:22PM ET
RIO DE JANEIRO (Reuters) - Brazil President Jair Bolsonaro on Thursday signed a decree to raise taxes on financial transactions for three months to pay for the so-called Auxílio Brasil pandemic welfare program.
His office said it expects the higher IOF tax, which is charged on credit, foreign exchange, insurance transactions, or bonds or securities, to generate 2.14 billion reais ($407.13 million). It did not say by how much it would raise the IOF.
The Auxílio Brasil program is designed to protect some of Brazil's poorest families from the economic harm caused by the coronavirus pandemic.
($1 = 5.2563 reais)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.