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Brazil delays tax judgment on 2008 BM&FBOVESPA merger
October 19, 2016 / 10:00 PM / a year ago

Brazil delays tax judgment on 2008 BM&FBOVESPA merger

RIO DE JANEIRO, Oct 19 (Reuters) - A Brazilian tax appeals board on Wednesday delayed a ruling on the legality of tax benefits declared by the BM&FBOVESPA SA stock, commodities and futures market in 2008 and 2009 related to the merger that created the company, BM&F Bovespa said.

Brazil’s tax authority Receita Federal said BM&FBOVESPA improperly amortized goodwill created during the merger to generate tax credits, BM&FBOVESPA said in a securities filing. A hearing before the board known as CARF was called for Wednesday on BM&FBOVESPA‘S appeal of that ruling, but was suspended after a panel member asked to review evidence. (Reporting by Jeb Blount; Editing by Andrew Hay)

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