Brazil changes "IOF" tax rules on cross-border loans again ("1,800 days" rule)

March 2012


On March 1, 2012, the Brazilian government changed the Tax on Financial Operations ("IOF") rules on foreign currency exchange transactions for loan principal remittances to Brazil by increasing the minimum average payment term from 720 days to three years. On March 12, 2012, Brazil changed the rules again to further extend the minimum average payment.

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