ARTICLE · 21 JUNE 2013

Memorandum – Tax (13/06/2013)

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados

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Decree No. 8,027 was recently published on the Official Gazette, introducing a relevant change on the Tax on Financial Transactions Regulations, approved by Decree No. 6,306, dated December 14, 2007 regarding the Tax on Securities Transactions levied upon currency related derivatives transactions, established in 2011.

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Mattos Filho Veiga Filho Marrey Jr Moherdaui & Quiroga Advogados

IOF/Bonds - Currency Related Derivatives Transactions? Rate Reduction

On June 13, 2013, Decree No. 8,027 (Decree 8,027/2013), dated June 12, 2013, was published on the Official Gazette, introducing a relevant change on the Tax on Financial Transactions Regulations (RIOF), approved by Decree No. 6,306, dated December 14, 2007 regarding the Tax on Securities Transactions (IOF/Bonds) levied upon currency related derivatives transactions, established in 2011.

The measure, which was announced last night by the Ministry of Finance Guido Mantega, has a purpose similar to the one that prompted the recent change related to the tax levied upon foreign exchange transactions (IOF/FX): to minimize the devaluation of the Brazilian Real in relation to the American Dollar and, consequently, the inflationary pressure.

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