Brazil’s Minister of Finance announces intention to levy tax on payments and financial transactions at a rate that may be between 0.2% and 1%

As part of the tax reform discussions in Brazil, the Minister of Finance, Paulo Guedes, confirmed that President Jair Bolsonaro’s Administration intends to create a new tax that would be levied on payments and financial transactions. The tax could be similar to the previous provisional contribution on financial transactions (CPMF – Contribuição Provisória sobre Movimentação Financeira), but potentially with a broader scope.

Source: EY