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CPMF to IOF
brazilnut72
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1-3-2008 8:39 AM
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brazilnut72
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Classic smoke-and-mirros on the part of the Brazilian government.
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/fea97c80-fae4-4ef4-b00f-73a0cb2abb47/A2DE653E-4F59-42C2-AF91-06BBD6A0608D/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.brazzilmag.com/content/view/9026/" href="http://www.brazzilmag.com/content/view/9026/" style="font-size: 11px;">www.brazzilmag.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.brazzilmag.com/content/view/9026/"> CPMF is out, IOF is in. Despite promises from Brazilian President Luiz Inácio Lula da Silva that new taxes would not be created to compensate for the 40 billion reais (US$ 22.5 billion) the government lost when Congress at the end of 2007 discontinued the Temporary Contribution on Financial Transactions (CPMF) tribute, new tariffs were announced the very first working day of the new year.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.brazzilmag.com/content/view/9026/">The levy known as IOF (Tax on Financial Operations) will be applied on business and personal financial operations, including real estate loans, insurance, exchange and international credit card operations.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.brazzilmag.com/content/view/9026/"> Mantega recognized that the only thing that changed was the name of the tax from CPMF to IOF. "All the government did was to change from six to half a dozen," he told reporters. The new tariff starts being charged today.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;"> </td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/A2DE653E-4F59-42C2-AF91-06BBD6A0608D/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>
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