The IOF is the federal tax that represents one of the main sources of revenue for the Union, however, few people actually know what this tax is. In this sense, we will explain what it is and what its function.
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IOF is an abbreviation for Tax on Financial Operations. Thus, as the name suggests, this tax refers to financial transactions carried out in the national territory, both for individuals and for legal entities.
But when is it charged? It's simple. This tax is linked to operations such as: credit card payment, sale of public securities, redemption of an investment, loans or financing, overdraft or revolving credit, purchases abroad with a credit card, insurance, among others others. In fact, it is certain that, at some point, someone is carrying out a credit operation and there is the IOF, smiling at you.
Geographer and pseudo writer (or otherwise), I'm 23 years old, from Rio Grande do Sul, lover of the seventh art and everything that involves communication.