Nu Holdings Ltd. (NU) plunged 5.1% in pre-market trading on Friday, following a broader sell-off of Brazilian financial stocks in the US market after the government's unexpected tax reform proposals jolted investors.
Late on Wednesday, Brazil's government proposed expanding income tax exemptions for lower-income citizens while increasing taxes on higher earners. This frustrated investors who were expecting the focus to be on spending cuts instead.
The surprising tax reform plan sent the Brazilian real tumbling to an all-time low of 6.02 per US dollar on Thursday. Analysts warn that higher taxes on wealthier segments could negatively impact legacy banks and investment platforms that cater to these customers, while near-term benefits for fintechs serving lower-income groups may be offset by potential inflationary pressures from the reforms.
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