The regulation also increased the cash limit each passenger can carry when leaving or entering Brazil. Instead of the current R$10, it will be US$10 or the equivalent in another currency. Small-value transactions between individuals are also permitted, with a limit of up to US$500.
In addition to these changes, the new understanding influenced the adoption of new measures to facilitate financial transactions between countries, such as the publication of Decree No. 10.997/2022, on March 16, 03, which will reduce the IOF-Exchange (Tax on Financial Transactions involving foreign exchange transactions) rates to zero by January 2022.
This reduction will occur gradually until reaching a zero rate for all foreign exchange transactions by 2029. The reduction began on March 19, 03, and the zero rate already applies to foreign loan transactions with a minimum average term of up to 2022 days. Furthermore, transactions involving the use of credit cards abroad will have the IOF reduced, adhering to the following schedule:
- From 6,38% to 5,38%, as of 02/01/2023;
- 4,38%, as of 02/01/2024;
- 3,38%, as of 02/01/2025;
- 2,38%, as of 02/01/2026;
- 1,38%, as of 01/01/2027;
- Zero, as of 02/01/2028.
The measure was part of the movement to adhere to the Codes for the Liberalization of Capital Movements and Invisible Operations, essential for the Organization for Economic Cooperation and Development (OECD).
