In a move designed to bring in badly needed new revenues, the Brazilian Finance Ministry on Monday announced it was hiking the Financial Operations Tax on purchase of cash U.S. dollars within the country. The government will now charge a tax of 1.1 percent, up from the previous 0.38 percent. The Finance Ministry said it expects to raise some BRL$2.4 billion in additional revenues from the measure. Other methods used by Brazilians to obtain dollars, such as overseas use of credit and debit cards, will continue to be taxed at the previous rate of 6.38 percent.
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