On April 1st, 2013, Decree n. 7.975 was published, changing the regulation of the Tax on Credit, Exchange and Insurance Operations, or related to Bonds or Securities, the IOF (Imposto sobre Operações Financeiras).

It reduced to zero the IOF rate applicable to credit operations carried out by financial institutions, with public and private funds, to finance operations, in contracts beginning on April 2nd, 2013, related to the acquisition, production and commercial lease of capital goods, including the listed components and technology services, and the associated working capital, for production of consumption goods to be exported, for electric power industry, for infrastructure to export liquid products in bulk, for engineering projects, technology innovation and investment projects related to the development of technological and production capacity in highly intensive knowledge sectors and for logistics infrastructure projects focused on roads and railroads object of the concessions by the federal government, according to criteria to be set by the Brazilian Monetary Council and by the Central Bank of Brazil.

(Decree n. 7.975, Apr. 01, 2013. DOU-I, Apr. 02, 2013. Available at: <http://www.planalto.gov.br/ccivil_03/_Ato2011-2014/2013/Decree/D7975.htm>. Access in: April, 2013).