Brazil issued Normative Instruction 1,395/2013 on 30 September 2013.This Instruction introduced changes to Normative Instruction 1,312/2012 regarding the prices that must be used in cross-border transactions involving the sale and purchase of goods, services or rights between related parties.
Normative Instruction 1,395/2013 was published in the Official Gazette of 17 September 2013 and amended some of the transfer pricing provisions in Law No 12,715 of 2012. The changes include a change to the definition of commodities for the application of the Listed Price for Imports Method (PCI) and the Listed Price for Exports Method (PECEX) and a change to the definition of the transaction date.