Brazil: Updates fictitious credit for CFC rule

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Normative Instruction 1,674/2016 released in the official Gazette on 29 November 2016 and in force on the same date of publishing. Normative Instruction 1,674/2016 adjusts the option that, resident companies to submit the profits derived by the related foreign companies to the regime and this rule applicable to profits of controlled foreign companies. This Instruction also revises the list of economic activities and it may profitable for fictitious credit up to 9% to be equalized against the tax due on the CFC profits in Brazil.

 

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