On February 4, 2016, the Federal Supreme Court ruled constitutional the norm that authorizes the collection of Tax on Financial Operations (IOF) levied on the transfer of shares and bonuses of public companies. The decision rendered on Extraordinary Appeal No. 583.712 / SP was issued under the general repercussion regime, meaning that the position adopted by the Supreme Court is binding and must be observed by the other levels of the Judiciary.
Currently, individuals and corporations are not taxed on the these operations, since they benefit from a zero rate. However, the aforementioned decision authorizes the federal government to reinstate the tax at any time.
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