On 1 April 2015, Brazil published Decree No. 8426/2015 in its Official Gazette, which restores the rates of Program for Social Integration contribution (PIS) and Contribution for the Financing of Social Security (COFINS) on financial income for companies subject to the non-cumulative calculation system for such contributions. This includes financial income arising from transactions for hedging purposes. The rates are restored to 0.65% for PIS and 4% for COFINS. The rates had been reduced to 0% for financial income by Decree No. 5164/2004, which was expanded to included income from hedging operations by Decree No. 5442/2005. For income from interest...