Brazil to Raise Taxes on Fuel, Imports and Others

On 19 January 2015, Brazil's Finance Minister Joaquim Levy announced that a number of taxes will be increased in the country in order to balance the budget in 2015. The increases are as follows:

• The CIDE fuel tax and PIS/COFINS tax will be reapplied to gasoline and diesel:
  • Gasoline  - PIS/COFINS BRL 0.12/liter, CIDE BRL 0.10/liter
  • Diesel  - PIS/COFINS BRL 0.10/liter, CIDE BRL 0.05/liter
• Financial transactions tax on personal loans will increase from 1.5% to 3% - the tax…