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31 March 2016

Brazil's special regime of taxation and foreign currency regularization discussed

The Brazilian Federal Revenue Office issued Normative Instruction Number 1,627 (NI 1,627) on March 11, regulating the Special Regime of Taxation and Foreign Currency Regularization ("RERCT"), brought by Law Number 13,254/2016. This special regime allows taxpayers to report assets and rights held overseas that have not been reported previously and to correct errors in previous reports. The deadline for reporting and paying any tax and fines due is October 31.

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

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Document ID: 2016-0592

 

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