Bloomberg News

Brazil Cuts Tax on Consumer Loans in Bid to Stimulate Economy

May 21, 2012

Brazil will reduce a transaction tax charged on consumer loans in a bid to reduce the cost of borrowing and stimulate economic growth, Finance Minister Guido Mantega said.

The so-called IOF tax on consumer credit will fall to 1.5 percent, the level it was at the start of 2011, from the current 2.5 percent, Mantega said.

“We have to push back against the effect of the crisis,” Mantega told reporters in Brasilia.

To contact the reporter on this story: Arnaldo Galvao in Brasilia Newsroom at agalvao1@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net


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