Brazil approves a proposal for re-opening of special regime
The Chamber of Deputies has sanctioned a proposal for the re-opening in 2017 regarding the special regime for regularization of non-notified assets abroad on 15th February 2017. The proposal was approved by the Senate on 23rd November 2016. The
See MoreBrazil publishes rules for filing individual income tax returns
Normative Instruction 1,690/2017 has been released in the Official Gazette on 22 February 2017 and also entered into force at same date. The Normative Instruction 1,690/2017 introduces the rules for filing of individual income tax returns for income
See MoreBrazil: MOF issues new threshold for automatic appeals
The Ministry of Finance (MOF) released a regulation 63/2017 (Portaria 63/2017) in the official journal on 10 February 2017. This has increased the threshold of BRL 2.5 million (previously, BRL 1 million) for automatic complaints (recurso de ofício)
See MoreBrazil published special programme for payment of federal tax debts
Normative Instruction 1,697/2017 published in the Official Gazette on 1 February 2017 regarding special programme for the payment of federal tax and non-tax debts. According to Normative Instruction payment of the debts may be made as follows:
See MoreBrazil publishes capital gains on exchange of shares
Private Ruling 88/2017, released in the Official Gazette on 31 January 2017 regarding the tax treatment of exchange of shares transactions in Brazil. This public ruling imposes on non-resident shareholders. According to the rule, 15% income tax rate
See MoreBrazil: Tax authority defines withholding tax payments for technical services source in US
Brazilian tax authorities define the withholding tax for technical services made available by individuals in United States through Private Ruling 5/2017 (Solução de Consulta 5/2017), published in the Official Gazette on 18 January 2016. The
See MoreBrazil issues tax regulation program
Provisional Measure 766 has issued and released on 4 January 2017. This provisional measure establishes a tax regulation program for Brazilian taxpayers to settle their tax liabilities. Under this program, taxpayers can resolve their federal tax
See MoreDTA protocol between Brazil and Canada confirm WHT rate on technical services
A Private Ruling 5/2017 (Solução de Consulta 5/2017) has been published in the Official Gazette on 18th January 2016. This ruling confirms that payments made by Brazilian sources to individual or companies resident in Canada for technical
See MoreBrazil issues common reporting standard
Normative Instruction 1,680/2016 has been issued in the official gazette on 29 December 2016 regarding the implementation of the identification of financial accounts. Under the normative instruction, companies are required to submit the e-financeira
See MoreBrazil: Regulation on CbC reporting
Normative Instruction 1,681/2016 was issued in the Official Gazette on 29 December 2016 regarding annual country-by-country (CbC) reporting. According to Normative Instruction 1,681/2016: Legal entities resident in Brazil are obliged to
See MoreBrazil issues changes to tax on services
Complementary Law 157/2016 modifies the Complementary Law 116/2003 and starts new rules for the tax on services and issued in the Official Gazette on 30 December 2016. As stated by the law fundamental changes are- the minimum tax rate increase from
See MoreBrazil: Regulates special payment scheme for tax debts
Normative Instruction 1,677/2016, released in the Official Gazette on 12 December 2016, adjusts the special payment scheme for tax debts become certified to legal entities and the special payment rule was created by Law 155/2016. Law 155/2016
See MoreBrazil: Budget 2017 has been accepted by the president
The Budget for 2017 was accepted by the National Congress on 15 December 2016. According to the budget minimum monthly salary increases from BRL 880 to BRL 945.80 in 2017. The President needs to enact the Budget for
See MoreTIEA between Switzerland and Brazil approved
The tax information exchange agreement (TIEA) between Switzerland and Brazil has been approved by the Swiss parliament on 16 December 2016. The agreement was signed on November 23 2015. This TIEA contains tax-related information on request
See MoreBrazil: Amendments to tax on services
The Senate approved changes to Complementary Law 116/2003 major tax on services on 14 December 2016. The modifications need to be ratifies by the President. The key changes are given below: The tax rate is increased from 0% to 2%; new services (e.g.
See MoreBrazil: Publishes proposed Country-by-Country reporting rules
The Brazilian Federal Revenue Agency on 4 November 2016, published a proposed Normative Instruction to establish country-by-country reporting (CbCR) rules in Brazil for Multinational groups where the ultimate parent company is a resident in Brazil
See MoreBrazil: Updates fictitious credit for CFC rule
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
See MoreBrazil: Decision releases concerning the application of the new Brazilian CFC rules
The Federal Court of Curitiba passed on a decision in relation to Process No. 5005596- 52.2015.4.04.7000/PR on May 6, 2016.The single court judgments finish off that a Brazilian taxpayer may remove from the calculation of its corporate income tax
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