The Federal Revenue collected R$86.4 billion from the IOF (Financial Operations Tax) in 2025. The performance represents an increase of 20.54% compared to 2024.
According to the Tax Authorities, performance may be due to operations relating to the outflow of foreign currency, credit intended for legal entities and relating to bonds or securities, particularly as a result of legislative changes.
Remember the IOF case
In the first bimonthly report for 2025, published in May, the economic team announced the increase in the IOF to meet the 2025 fiscal target. At the time, the government estimated to raise R$20 billion with the measure.
Due to the negative repercussion of the measure in the financial market and among parliamentarians, the federal government made adjustments to the presidential decree, based on negotiations with the National Congress. The changes altered the Federal Revenue’s projections.
In June, before the presidential decree was overturned by the National Congress, the economic team estimated to raise around R$12 billion with the measure. With the congressmen’s decision, the AGU (Attorney General’s Office) appealed to the STF, which mediated a conciliation hearing between the Executive and the Legislative.
Without a consensus between the powers, minister Alexandre de Moraes determined the return of the effectiveness of the decree that increased the IOF rate, but removed the validity of the tax on the risk withdrawn.
