Brazil has extended the deadline for commodity transaction registration deadline, issued in Normative Instruction No. 2.249 of 6 February 2025 which outlines amendments to Normative Instruction RFB No. 2.161 of 28 September 2023 regarding transfer pricing regulations.
The amendments pertain to the requirement for taxpayers to register controlled transactions involving the import and export of commodities. The general deadline remains the 10th day of the month following the contract’s execution. However, an extension until 31 March 2025 applies to contracts signed in January and February, 2025.
Earlier, Brazil’s revenue authority (Receita Federal) issued new guidelines for Normative Instruction RFB No. 2246 of 30 December 2024, outlining rules for companies regarding managing transfer pricing for transactions involving commodities on 30 December 2024. It also clarified the required registration details, including relevant contracts, involved parties, transactions, pricing references, and the transfer pricing method.
