Brazil’s Supreme Court upheld much of President Luiz Inacio Lula da Silva’s decree that increased taxes on financial transactions, providing the embattled leftist a fiscal boost ahead of next year’s election.
The decision, handed down by Supreme Court Justice Alexandre de Moraes late Wednesday, reinstates the bulk of the so-called IOF tax whose increases Congress voted to overturn in June. Moraes struck down just one measure related to the taxing of supply-chain financing operations known as “forfait.”
Alexandre de Moraes
Photographer: Evaristo Sa/AFP/Getty Images
Brazil’s Finance Ministry had initially projected revenue of 12 billion reais ($2.2 billion) this year and 31 billion reais in 2026 ...
