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Sunday, 29 December 2013 - 8:08
Brazil slaps tax increase on overseas tourism spending
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Brazil imposed a hefty six per cent increase on the surcharge paid by its citizens when making credit cards purchases overseas.

The increase, which went into effect yesterday, raised the tax from 0.38 per cent to 6.38 per cent.

The tax also applies to cash withdrawals from overseas bank machines and purchases made when using travellers checks.

The announcement will come as a rude surprise to millions of Brazilians many of whom already have departed the country on their summer holiday travels.
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