Brazil’s Federal Revenue Department has stated that corporate reorganizations and successions are subject to the 0.38% bank transactions tax _. That official position was stated in Interpretative Declaratory Act _(Ato Declaratório Interpretativo, or ADI) No.13/07. The ADI also provides the FRD’s position on withholding tax and financial transactions tax (IOF) levied on investment accounts in the same situations.
15Aug 2007