Economy · Markets

—The number. Brazilian companies paid about 27% less in dividends in the first months of 2026, the first hard read on a new tax.

—The total. Payouts reached roughly R$117bn ($22bn) through May, down from a far larger sum a year earlier.

—The cause. A 10% tax on dividends took effect in January, ending nearly thirty years in which they were paid tax-free.

—The dodge. Many firms rushed payouts into 2025 to beat the tax, inflating last year and depressing this one.