BlackOpal CEO Says Brazil Can Raise Some Outbound FX Tax Rates by Decree

BlackOpal co-founder and CEO Jason Dehni said Brazil’s next president could raise some IOF rates on outbound foreign-exchange transfers by decree, putting executive tax-setting authority in focus ahead of Sunday’s election. “It’s a decree instrument, so a government can change it overnight,” Dehni said in a written interview published Friday, Oct. 23. He said the executive could act without a congressional vote. The interview identified no pending decree or tax change promised by either candidate. Dehni also said either government could revisit the rates, adding that both had used IOF before. Brazil’s Constitution allows the executive to adjust rates on certain federal taxes, including the IOF, subject to conditions and limits set by law.

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