Brazil's listing of Ireland as tax haven increases taxes on aircraft leasing

Reuter´s has reported Brazil´s tax authority added Ireland, Austria, Curacao and Saint Martin to its list of countries denominated as tax havens, the company said.

Companies based there will have to start paying a 25 percent tax rate on transactions with Brazilian companies, costing airlines about BRL1.0 billion (USD306 million) on leasing contracts that are signed for up to 10 years.

Some 60 percent of the 520 aircraft flying commercially in Brazil are leased from companies registered in Ireland

ABEAR, Brazil´s airline association Brazilian airlines said it plans to meet with tax authorities in Brasilia to try to reverse the tax decision.

Reuters is an international news agency headquartered in Canary Wharf, London, England, United Kingdom and is a division of Thomson Reuters.