Brazil has published Decree No. 12.499 of 11 June 2025, which repeals the recently published Decree No. 12.466 of 22 May 2025 and Decree No. 12.467 of 23 May 2025 that generally increased financial transactions tax (IOF) rates on certain insurance, credit, and foreign exchange transactions. Most of the IOF rate changes introduced by the previous decrees are maintained in Decree No. 12.499, although there are a few important changes.
One of the changes concerns the IOF rate on contributions…