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Legal Update

Decree No. 7699/12: IOF at a tax rate of zero percent for foreign exchange hedging under derivative contracts entered into by exporters

19 March 2012
Tauil & Chequer Legal Update

Leia em Português

As indicated in our Legal Updates of March 5 and 15, 2012, the Federal Government has adopted measures to stem speculative capital flows and to prevent overvaluation of the Brazilian Real.

Aimed at stimulating export transactions, on March 16, 2012, Decree No. 7699, which amended Article 32-C of Decree No. 6306/07, was published in the Official Gazette. Such Decree reduced to zero percent the IOF tax rate applicable to hedge contracts covering the risks of the foreign currency fluctuation with respect to export agreements entered into by individuals or companies resident or domiciled in Brazil.

However, this Decree provides that, for the application of the zero IOF tax rate, the amount involved in the transaction cannot exceed 20% of the aggregate amount of export transactions carried out by the relevant party in the previous year. In the event this requirement is not satisfied, IOF will be due as from the occurrence of the taxable event, at a tax rate of 1% plus interest and late payment fine.

The changes introduced by the new wording of Article 32-C of Decree No. 6.306/07 came into force on March 16, 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 7.699/12: alíquota zero do IOF nas operações de hedge cambial com contratos de derivativos dos exportadores

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Conforme verificado nos Legal Updates de 5 e 15 de março de 2012, o Governo Federal tem adotado medidas para conter o fluxo de capital especulativo no País e impedir a valorização excessiva do Real.

Com o intuito de favorecer os exportadores brasileiros, em 16 de março de 2012, foi publicado o Decreto nº 7.699/12, que alterou o artigo 32-C do Decreto nº 6.306/07, ao reduzir para zero a alíquota do IOF incidente nas operações com contratos de derivativos para cobertura de riscos, inerentes à oscilação de preço da moeda estrangeira, decorrentes de contratos de exportação firmados por pessoa física ou jurídica residente ou domiciliada no País.

No entanto, o referido Decreto estabelece que, para fazer jus à alíquota zero, o valor total da operação não pode ser superior a 20% do valor total das operações com exportação realizadas no ano anterior pelo titular dos contratos de derivativos. Caso este limite não seja observado, o IOF será devido a partir da data de ocorrência do fato gerador e calculado à alíquota de 1%, acrescido de juros e multa de mora.

As alterações introduzidas na redação do art. 32-C do Decreto n.º 6.306/07 entraram em vigor a partir de 16 de março de 2012.

Para mais informações, favor entrar em contato com , ou .

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