IOF Increase Raises Costs and Inhibits Investments, Says Fiesp

The increase in the Tax on Financial Operations (IOF) received criticisms from banks and industry, even with partial cancellation of measures. In the notes, industry entities reported that taxation is detrimental to the economy, such as the inhibition of investments, the exclusion of growth and cost rise. According to the Federation of State Industries of São Paulo (Fiessp), the increase of aliphatics is in contravention of government programmes…

The Federation of State Industries of São Paulo (Fiessp) criticised the changes announced on Friday (22) in the IOF tax alternatives. They included an increase that the entity classified as significant in the IOF covered by credit operations to companies. The measure claimed Fiesp, high costs, inhibits investments and undermines growth. Consequently, the entity will, as a result, be increased by the cost of companies, including the industrial se…