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Brazil cuts IOF tax on foreign loans of 6 months to a year
June 4, 2014 / 11:21 AM / 3 years ago

Brazil cuts IOF tax on foreign loans of 6 months to a year

SAO PAULO, June 4 (Reuters) - Brazil’s finance ministry said on Wednesday it would cut from 360 days to 180 days the minimum maturity of foreign loans without a 6 percent IOF financial tax in order to help domestic banks and companies with fundraising overseas.

Loans of a year or more already avoid paying the IOF tax. Companies borrowing at a maturity of less than six months will continue to pay the 6 percent IOF tax.

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