The Brazilian government is concerned about the real appreciating against the dollar but the tax measures it has taken so far offer little respite for the climbing currency.
On November 18 the Brazilian government announced plans to place a 1.5% tax on those issuing depositary receipts in international markets in a bid to prevent companies from selling shares abroad rather than locally. This new measure aims to balance out distortions caused by the 2% IOF tax on foreign investors when they buy stocks and fixed-income securities.
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