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1 week ago | 
news.bloomberglaw.com | Daniel Carvalho |Martha Beck
Facing negative reactions from business leaders and Congress, President Luiz Inacio Lula da Silva’s government is fighting to save what remains of a plan to raise tax rates on some financial transactions. Ministers remain in constant contact with lawmakers and business representatives, while the Finance and Institutional Relations ministries are holding meetings to explain the measure and the budget consequences of overturning it, according to people familiar with the matter.
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1 week ago | 
news.bloomberglaw.com | Giovanna Azevedo |Martha Beck |Rachel Gamarski
Banco do Brasil SA’s dominance in agribusiness loans has often been touted as a key strength. The bank accounts for half of the financing that flows into the sector — an edge in a country that, by and large, feeds the world breakfast. But interest rates at a two-decade high and successive harvest setbacks have left farmers in a tough spot.
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2 weeks ago | 
news.bloombergtax.com | Martha Beck |Felipe Saturnino
Brazil’s currency sold off Thursday as the government announced higher taxes on financial transactions along with a widely anticipated plan to shore up its deteriorating finances. The finance ministry led by Fernando Haddad estimated that the government will obtain 20 billion reais ($3.5 billion) in 2025 and 41 billion reais in 2026 by increasing the tax locally known as IOF on a series of financial transactions.
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2 weeks ago | 
bloomberglinea.com | Martha Beck |Felipe Saturnino
Bloomberg — La moneda brasileña se desplomó el jueves luego de que el gobierno anunció impuestos más altos a las transacciones financieras junto con un plan ampliamente esperado para apuntalar sus deterioradas finanzas. El ministerio de finanzas dirigido por Fernando Haddad estimó que el gobierno obtendrá 20.000 millones de reales (US$3.500 millones) en 2025 y 41.000 millones de reales en 2026 aumentando el impuesto conocido localmente como IOF sobre una serie de transacciones financieras.
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2 weeks ago | 
news.bloomberglaw.com | Martha Beck |Felipe Saturnino
Brazil will freeze 31 billion reais ($5.5 billion) in spending and raise a tax on financial transactions in a bid to assuage investors increasingly skeptical of President Luiz Inacio Lula da Silva’s fiscal promises. The budget freeze, confirmed by Finance Minister Fernando Haddad on Thursday, was larger than estimated by investors, fueling a brief rally in Brazilian markets.
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4 weeks ago | 
news.bloombergtax.com | Giovanna Azevedo |Rachel Gamarski |Martha Beck
Brazilian airline Azul SA has cut deals with lessors, exchanged its debt and raised hundreds of millions in fresh cash in the past year in a bid to turn around its ailing finances. And yet, its efforts have done little to build confidence: Dollar bonds issued just months ago have lost more than a third of their value. The stock has slumped about 89% in the past year.
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1 month ago | 
bloomberglinea.com | Daniel Cancel |Martha Beck
Bloomberg — Itaú Unibanco Holding SA (ITUB), uno de los bancos más grandes de Latinoamérica, pagó un dividendo anual en marzo que entregó 1.100 millones de reales (US$186,8 millones) al clan multimillonario brasileño Moreira Salles. ¿Cuántos impuestos pagarán los descendientes del fundador de Unibanco por esta ganancia inesperada? Cero. Durante casi 30 años, Brasil ha sido uno de los pocos gobiernos que no grava los dividendos de las empresas con sede en el país.
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1 month ago | 
news.bloomberglaw.com | Daniel Cancel |Martha Beck
Itaú Unibanco Holding SA, one of Latin America’s largest banks, paid an annual dividend in March that handed 1.1 billion reais ($186.8 million) to Brazil’s billionaire Moreira Salles clan. How much tax will the descendants of Unibanco’s founder pay on their windfall? Zero. For almost 30 years, Brazil has been one of the few governments that doesn’t tax the dividends of companies based in the country.
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1 month ago | 
news.bloomberglaw.com | Cristiane Lucchesi |Rachel Gamarski |Martha Beck
Individual investors are trying to dump Banco Master SA bonds, pushing yields higher and making it tougher for the struggling lender to raise cash needed for short-term obligations. A total of more than 10 billion reais ($1.7 billion) in Banco Master time deposit certificates, called CDBs, are up for sale on retail online platforms at XP Inc. and Banco BTG Pactual SA, according to data compiled by Bloomberg.
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1 month ago | 
news.bloombergtax.com | Martha Beck |Barbara Nascimento |Cristiane Lucchesi
The proposed sale of Banco Master SA, a Brazilian lender whose portfolio has surged an average of 86% a year, has caught the attention of local authorities, who say they’re investigating both the deal and how the company was able to expand so rapidly. The probes by regulators and federal prosecutors are still preliminary and could last several months. But they could ultimately block or delay the planned purchase of Master by BRB SA, a bank owned by Brazil’s capital city.
