Brazil doubles tax on foreign investment into local stock

The Brazilian government plans to double the tax on foreign investment into local short-term financial instruments, in an attempt to slow the appreciation of the real. Investors are sceptical the move will succeed.

  • 08 Oct 2010
The government said on Tuesday it will double the tax, known as the IOF, from 2% to 4% following the election of President Lula’s successor. Finance minister Guido Mantega initially said the tax would only apply to fixed income investments, though the finance ministry later said it would ...

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