Brazil’s revenue authority (Receita Federal) has issued new guidelines (Normative Instruction RFB No. 2246 of 30 December 2024) outlining rules for companies regarding the management of transfer pricing for transactions that involve commodities on 30 December 2024.
These guidelines mandate the registration of transaction details and maintaining the documentation to demonstrate that all dealings were conducted at arm’s length.
The new guidelines were published in the Official Gazette on 31 December 2024.
Earlier, Brazil’s revenue authority initiated a public consultation on a proposed amendment to its transfer pricing rules from 27 November to 11 December, 2024. The proposed amendment concerned Normative Instruction RFB No. 2,161 of September 28, 2023, addressing regulations concerning the registration of controlled commodity transactions.