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28 January 2016

Brazilian amnesty program for undisclosed overseas assets is approved

The President of the Federal Republic of Brazil has sanctioned the Law Project, which allows the regularization or repatriation of funds, assets and rights of legal origin, remitted or held abroad by Brazilian tax residents, and which has not been reported to the pertinent authorities. On January 13, the President of the Republic approved, with partial veto, the Law Project, which regulates the Brazilian Amnesty of undisclosed funds, assets/capital of legal origin, remitted or held abroad by Brazilian tax residents at December 31, 2014 and not duly reported to the Brazilian tax authorities.

A Tax Alert prepared by Ernst & Young's Human Capital Group, and attached below, provides additional details.

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Document ID: 2016-0193

 

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