Brazil

Brazil government denies report on forex tax increase

(Adds denial from finance minister)

SAO PAULO, March 8 (Reuters) – Brazil’s central bank and finance minister denied on Wednesday a report that the government could raise taxes on foreign exchange transactions to help reach this year’s fiscal target.

Bloomberg News had reported the move was “among the options being considered” by the Brazilian government to meet its fiscal target, citing a source with direct knowledge of the issue.

Asked about the report, Finance Minister Henrique Meirelles said the government was not considering changes to the so-called IOF tax on foreign currency transactions. A spokesman for the central bank also…

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