Economy

Government brings back tax on financial transactions

The so-called CPMF, known as the “check tax”, is returning with a 0.2%

Agência Brasil

Published on 14/09/2015 - 19:32

Brasília

Finance Minister Joaquim Levy announced that the government plans to create a tax based on the old CPMF (Temporary Contribution on Financial Transactions, in a rough English translation), with a rate of 0.2%. The goal is to raise $8.28 billion in revenues.

The return of the CPMF, popularly known as the “check tax” is one of the moves unveiled this afternoon by the federal government in a bid to bring the primary surplus to 0.7% of the gross domestic product for next year.

In addition to the plans aimed at boosting revenues, the government announced that the 2016 Federal Budget will face a cut of $6.43 billion.

Translated by Fabrício Ferreira

Fonte: Government brings back tax on financial transactions

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