IOF Exchange of Currency - Change in rate from 03/03/2018

As from March 3^rd, the IOF tax rate on Foreign Exchange Transactions for the transfer of funds abroad, which was 0.38%, will be increased to 1.10%.

The increased rate is applied to individuals and legal entities that carry out operations of international transfer of funds between a bank account in Brazil and a bank account abroad owned by residents of Brazil.

This new rate was determined by Decree nº 9.297 which amended Section XXI, article 15-B, of Decree nº 6.306 / 2007, that regulates the Tax on Credit, Foreign Exchange and Insurance Operations (IOF).

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