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Brazil reinstates 1.5 pct tax on BNDES credit operations
September 1, 2015 / 3:08 PM / 2 years ago

Brazil reinstates 1.5 pct tax on BNDES credit operations

BRASILIA, Sept 1 (Reuters) - The Brazilian government will charge a 1.5 percent financial transaction tax, known as IOF, on loans from state development bank BNDES to collect an extra 3 billion reais ($816.55 million) a year, a finance ministry official said on Tuesday.

The ministry’s tax revenues coordinator, Claudia Lucia Pimentel, said the duty was going to be charged during the first year of the loan operations and became effective on Tuesday.

The government on Monday announced a series of tax increases to collect 11.2 billion reais next year to try to close a widening fiscal gap. ($1 = 3.6740 Brazilian reais) (Reporting by Luciana Otoni; Writing by Alonso Soto)

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