TIM Brasil (Buy, TP: BRL21, +45%) Vivo (Buy, TP: BRL59, +43%) Brazilian Tax reform / IOC - Provisional thoughts for the Telcos
The Annual Budget (PLOA) was on Thursday submitted to Congress in Brazil. Within the forecasts is an embedded assumption of the elimination of Interest on Capital (IOC), a form of tax deductible dividend - employed by TIM and Vivo - which drives a healthy reduction in effective tax rates. This move will likely accelerate the focus on broader Tax reform in Brazil which can be broadly seen in two parts.
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