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Legal Update

Decree No. 7.698/12: increase in the minimum term for foreign loan agreements

15 March 2012
Tauil & Chequer Legal Update

Leia em Português

On March 12, 2012, Decree No. 7698 was published in order to amend item XXII of Article 15-A of Decree No. 6306/07, increasing the average term of foreign loans subject to IOF at the rate of zero percent from 3 years to 1800 days.

This is the second  increase in the minimum term for foreign loan agreements taxed by IOF at a tax rate of zero percent in a period of less than a month, considering the publication of Decree No. 7683 on March 1st, 2012, as reported in our Legal Update of March 5, 2012.

In this sense, foreign exchange transactions relating to international loans with a maturity of less than 1800 days are taxed by IOF at  a tax rate of 6%.

The changes introduced by the new wording of Article 15-A of Decree No. 6.306/07 came into force on March 12, 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.

Decreto nº 7.698/12: aumento do prazo mínimo para empréstimos externos

Read in English

Em 12 de março de 2012 foi publicado o Decreto nº 7.698/12, que alterou o inciso XXII do artigo 15-A do Decreto n.º 6.306/07, ao aumentar de 3 anos para 1800 dias o prazo médio de empréstimos externos sujeitos à alíquota zero de IOF.

Trata-se de novo aumento relativo ao prazo médio de empréstimos externos para fins da aplicação da alíquota zero do IOF, em um periodo inferior a um mês, tendo em vista a publicação do Decreto nº 7.683 em 1º de março de 2012, tal como noticiado no Legal Update de 5 de março de 2012.

Neste sentido, as operações de câmbio, celebradas a partir de 12 de março de 2012, relacionadas a empréstimos externos com prazo médio mínimo inferior a 1800 dias são tributadas pelo IOF à alíquota de 6%.

As alterações introduzidas na redação do art. 15-A do Decreto n.º 6.306/07 entraram em vigor a partir de 12 de março de 2012.

Para mais informações, favor entrar em contato com ou .


  • Ivan Tauil
    T + 55 21 2127 4213
  • Roberta P. Caneca
    T +55 11 2504 4214
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