Brazil’s Finance Ministry scrapped plans to tax transfers to offshore funds only hours after the announcement of the levy led to a selloff in the currency.
In a post on X just after 11:30 p.m. local time Thursday, the ministry said it had concluded after “dialogue and technical evaluation” that the tax known as IOF would return to zero for the transfers. That compared with the 3.5% rate it had announced earlier.
The reversal came after an emergency meeting in the ministry where officials debated how to calm investor fears over the tax plan they had just announced earlier in ...
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