Skip to main content

  • AddRemove
  • Build a Report 
Legal Update

Decree No. 7.683/12: IOF at a tax rate of zero percent for the exchange transactions related to Brazilian Depositary Receipts (BDR) and increase of the minimum term for foreign loan agreements

5 March 2012
Tauil & Chequer Legal Update

Leia em Português

The Tax on Financial Transactions (IOF) is applied by the Brazilian Government as a tool to control the economy, which levies on foreign exchange transactions.

On March 1st, 2012, the Decree No. 7.683 was published. The Decree has amended the article 15-A of Decree No. 6306/07, including in the list of exchange transactions subjected to IOF at a tax rate of zero percent the exchange transactions related to the inflow funds into Brazil to be applied in Brazilian Depositary Receipts (BDR) certificates.

Decree No. 7.683 also amended the item XXII of Article 15-A of Decree No. 6306/07, increasing from 720 days to 3 years, the average term of international loans subject to IOF at a tax rate of zero percent. In this sense, exchange transactions relating to international loans which maturity term is less than 3 years are taxed by the IOF, at a tax rate of 6%.

Additionally, if the loan transaction had been contracted for a period superior to 3 years and the transaction was liquidated before this term, the taxpayer shall be subjected to IOF at a tax rate of 6%, plus interest in arrears and fine, including other applicable penalties.

The changes introduced by the new wording of article 15-A of Decree no. 6306/2007 came into force on March 1st, 2012.

For more information, please contact or .

Observations in this update about Brazilian law are by Tauil & Chequer Advogados. They are not intended to provide legal advice to any entity; any entity considering the possibility of a transaction must seek advice tailored to its particular circumstances.

Visit us at

Decreto nº 7.683/12: alíquota zero de IOF nas operações de câmbio de montagem de Brazilian Depositary Receipts (BDR) e aumento do prazo mínimo para empréstimos externos

Read in English

O Imposto sobre Operações Financeiras (“IOF”) é imposto utilizado pelo Governo Federal como ferramenta de controle da economia, o qual incide sobre as operações de câmbio.

Em 01 de março de 2012 foi publicado o Decreto n.º 7.683, que alterou o artigo 15-A do Decreto n.º 6.306/07 para incluir às operações de câmbio sujeitas à alíquota zero de IOF aquelas relativas a transferências do exterior de recursos para aplicação no País em certificado de depósito de valores mobiliários, denominado Brazilian Depositary Receipts (BDR).

O Decreto n.º 7.683/12 também alterou o inciso XXII do artigo 15-A do Decreto n.º 6.306/07 ao aumentar de 720 dias para 3 anos o prazo médio de empréstimos externos sujeitos à alíquota zero de IOF. Neste sentido, as operações de câmbio relacionadas a empréstimos externos  com prazo médio mínimo inferior a 3 anos são tributadas pelo IOF, à alíquota de 6%.

Além disso, caso a operação de empréstimo tenha sido contratada por prazo superior a 3 anos e seja liquidada antecipadamente, o contribuinte ficará sujeito ao pagamento de IOF à alíquota de 6%, acrescido de juros moratórios e multa, sem prejuízo das penalidades cabíveis.

Alterações introduzidas na redação do art. 15-A do Decreto n.º 6.306/07 entraram em vigor a partir de 01 de março de 2012.

Para mais informações, favor entrar em contato com ou .

Visite-nos em


  • Ivan Tauil
    T + 55 21 2127 4213
  • Roberta P. Caneca
    T +55 11 2504 4214
The Build a Report feature requires the use of cookies to function properly. Cookies are small text files that are placed on your computer by websites that you visit. They are widely used in order to make websites work, or work more efficiently. If you do not accept cookies, this function will not work. For more information please see our Privacy Policy

You have no pages selected. Please select pages to email then resubmit.