ARTICLE · 13 JUNE 2013

Memorandum - Tax (05/06/2013)

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

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On June 05, 2013, Decree No. 8,023 was published on the Official Gazette, introducing relevant changes on the Tax on Financial Transactions Regulations, approved by Decree No. 6,306, dated December 14, 2007.

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Mattos Filho Veiga Filho Marrey Jr Moherdaui & Quiroga Advogados

IOF/FX - Rate Reduction

On June 05, 2013, Decree No. 8,023 ("Decree 8,023/2013") was published on the Official Gazette, introducing relevant changes on the Tax on Financial Transactions Regulations ("RIOF"), approved by Decree No. 6,306, dated December 14, 2007.

The measure, which was announced last night by the Ministry of Finance Guido Mantega, aims to boost the inflow of funds in Brazil and minimize the devaluation of the Brazilian Real in relation to the American Dollar and, consequently, the inflationary pressure.

Items XI and XII of article 15-A of the RIOF were amended so as to reduce from 6% to zero percent the rate of the tax levied upon foreign exchange transactions ("IOF/FX") carried out in connection with the inflow of funds of foreign investors for purposes of investments in the Brazilian financial and capital markets.

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