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New rules for sending money abroad

Photo: Jorge Araujo/Public Photos

The decree published this Friday (29) by Jair Bolsonaro and his economic team revised the rules for charging the Financial Operations Tax (FTT) on foreign money transfers.

Note that: The Economy Ministry said the measure aims to align tax collection with the legislation applicable to Brazil’s payment system and applies to the IOF. In “foreign exchange operations related to the transfer abroad of funds in local currency held in the deposit accounts of non-residents in Brazil,” among other operations.

The text is one of the changes made by the Ministry of Economy for the purpose of Brazil’s membership in the OECD. One of the obligations that Brazil must fulfill is the elimination of tax barriers in foreign currency transactions.

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