Brazil reinstates 1.5 pct tax on BNDES credit operations

September 1, 2015 3:05 PM

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BRASILIA, Sept 1 The Brazilian government will charge a 1.5 percent financial transaction tax, known as IOF, on loans from state development bank BNDES to collect an extra 3 billion reais ($816.55 million) a year, a finance ministry official said on Tuesday.

The ministry's tax revenues coordinator, Claudia Lucia Pimentel, said the duty was going to be charged during the first year of the loan operations and became effective on Tuesday.

Also read: Brazil Abandons Fiscal Targets Through 2020

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