• Service: Tax
  • Type: Regulatory update
  • Date: 4/8/2011

Tax News 

In reference to MP 539 and Decree 7536, it was published by the Minister of Finance, on August 1st, 2011 Ordinance (Portaria) 370 that extends the due date for payment of IOF tax incident on derivative transactions.

According to Ordinance 370, for events occurred from July, 27 to September, 30 2011, the IOF tax levied on derivative transactions shall be paid on October 5, 2011.

For events occurred after October, 1st 2011, the payment of IOF tax above referred shall be made until the third (3rd) working day following ten-day tax period. The IOF tax period is ten calendar days (i.e. 1 to 10, 11 to 20 and 21 to the last day of the month).

For more information, contact a tax professional with KPMG in Brazil:


TAX – Financial Services


São Paulo

Edilberto Salge, +55 11 21833176,

Carlos Guilherme R. Sefrin, +55 11 21833266,

Celso Pompeu Alcantara, +55 11 21833263,

Helio Hanada, +55 11 2183 3158,



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