Brazil STF upholds meal voucher rate caps, rejecting industry challenge

Brazil's Supreme Federal Court (STF) upheld Decree 12.712/2025, which caps meal voucher fees at 3.6% and exchange fees at 2%, and mandates 15-day payment to establishments. The ruling, by Minister Cármen Lúcia, rejects a challenge from benefit companies, solidifying regulatory pressure on the sector. This confirms the government's interventionist stance, potentially squeezing margins for voucher providers and reshaping the market.