Decree No. 10,551 / 2020 was published today, revoking the reduction of the 0% IOF Credit rate, previously valid until December 31 (See Newsletter – IOF Credit – 0% – December 31th, 2020).

Therefore, credit transactions contracted as of tomorrow (November 27), were again charged by IOF Credit according to the type of credit transaction contracted, including the additional of 0.38%.

It should be noted that the IOF tax is not subject to the constitutional anteriority principle, so that its sudden rate change is legally valid.

We remain at your disposal for clarifications.