Govt applies new tax to avoid migration to time from demand deposits

- Tuesday, May 24, 2011

Govt applies new tax to avoid migration to time from demand deposits

The Brazilian government has applied a tax on deposits with maturities of up to 30 days to avoid migration of demand deposits to time deposits with very short maturities, government tax officials told local press.

The tax will be calculated according to the number of days of the deposit.

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