Brazil’s increased IOF tax could prevent 7 million from falling into poverty – FGV Social

FGV-Social classifies the IOF (Tax on Financial Transactions) as a distorted tax and believes that the ideal would be to look for other sources and reduce spending.

RIO DE JANEIRO, BRAZIL - The new rates of the Tax on Financial Transactions (IOF), paid on transactions such as credit operations, foreign exchange, loans, insurance, or financial securities, started to be valid on Monday (20).

Those who travel know it well because they pay the tax on transactions with credit card purchases abroad.

The goal is that the rates will be in effect until December 31. The amounts collected will help fund the expenses with Auxílio Brasil (aid for the poor), the federal government's income transfer program with which the federal government intends to replace Bolsa Família . . .

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