Law 9,311, published in the Official Gazette of 25 October 1996, introduces a 0.20% transfer tax on securities (CPMF). A prior constitutional amendment of 15 August 1996 established a legal framework for introducing the CPMF for a maximum period of two years.
This article was correct as of 1 April 1997.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Carlos S Romero, Deloitte Touche Tohmatsu, Sao Paulo, Brazil on Tel: +55 11 257 0122, Fax: +55 11 258 8456