Brazil imposes capital tax to reduce FX pressure

Brazil slapped a new tax on foreign investors this week and a Turkish court ruled against preferential tax treatment for international investors in local bonds, highlighting the re-emergence of capital controls in developing economies faced with sharply rising currencies due to capital inflows.

  • 23 Oct 2009

"What concerns me is the signal from Brazil that it cares more about its export sector than foreign investors," said Paul McNamara, local currency portfolio manager at Augustus Asset Management.

On Tuesday, the Brazilian finance ministry announced a 2% tax levy on foreign investors participating in both local equity ...

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