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Brazil Studies Using IOF Tax to Finance Payroll Exemption - Bloomberg Tax

By Martha Beck

The Brazilian government is considering using a tax on financial transactions, known as IOF, to offset tax breaks on corporate payrolls which have been extended until 2023, said two people with knowledge of the matter.

  • Increasing the IOF tax is not the only alternative on the table and no decision has been made yet, the people said, asking for anonymity because the discussions are not public
  • Another possibility is for the government to compensate for the loss of revenue by making adjustments within the budget, which has not yet been signed into law by President Jair Bolsonaro, the people said ...

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