Brazil raises the tax rate on financial operations.

On May 23, the Brazilian government unified the financial operation tax (IOF) rate of a series of foreign exchange transactions (including remittances abroad and the use of international cards) to 3.5%; Foreign exchange transactions related to imports and exports, profits remitted abroad and dividends remain exempt. The new policy will take effect from May 23. After the reform, it is expected to increase tax revenue by R$20.5 billion (US$3.61 billion) in 2025 and R$41 billion in 2026.

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