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Brazilian Congress suspends Government Decrees related to changes in IOF, reestablishing rates set prior to 22 May 2025

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Brazil

  • The Brazilian Congress has revoked three recent presidential Decrees, restoring tax rates applicable to credit transactions as well as foreign exchange transactions to those prior to 22 May 2025.
  • Effective immediately upon publication of the Legislative Decree, the tax rates will revert to their original levels.
  • The revocation should not be retroactive, so taxpayers should review transactions from 2…

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