Brazil Walks Back Offshore Tax on Funds After Investor Backlash

Brazil Walks Back Offshore Tax on Funds After Investor Backlash

Brazil’s Finance Ministry scrapped plans to tax transfers to offshore funds only hours after the announcement of the levy led to a selloff in the currency.

Brazil has already been the country of the "economic packages" entrusted to the society – without conversation, without notice, without planning – perhaps a legacy of military authoritarianism, when even democracy was there. But over the years – and several governments – Brazilian society has been finding its voice, and it has left Brazil's bureaucrats and technocrats to do what they want whenever they want. Perhaps this is the main issue, we sa…