Government assesses extension of IOF surtax and pays social security relief

The government plans to extend the financial transaction tax (IOF) surtax until 2023 to cover payroll tax relief for 17 sectors of the economy. Photo: Marcello Casal Jr / AgĂȘncia Brasil

The government plans to extend the surcharge on the Financial Transactions Tax (IOF) until 2023 to cover payroll tax relief for 17 sectors of the economy. Next year’s budget did not include the estimated resources for the benefit, which was extended by Congress earlier this month and is awaiting approval from the President of the Republic. The information is from O Globo. In September, Bolsonaro issued a decree increasing the IOF rates on credit operations for businesses and individuals with the aim of capitalizing on the AuxĂ­lio Brasil program. The increase period would end on December 31, 2021.

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