martes, 7 de junio de 2016

Brazil requires ultimate beneficiary disclosure

Certain domestic and foreign legal entities are required to disclose to the tax authorities the complete chain of ownership up to the ultimate beneficiaries, as well as the legal representatives of owners.
A new normative instruction (NI) published on 9 May 2016 makes changes to the national
registry of legal entities (CNPJ) for Brazilian and foreign legal entities, particularly concerning
the disclosure of ultimate beneficiaries. The NI, which applies as from 9 May 2016,
consolidates comments arising from a recent public consultation on this topic and replaces a
normative ruling issued in 2015.
The CNPJ is a federal taxpayer ID registration that must be obtained by Brazilian legal entities
and foreign legal entities that have assets or rights in Brazil.
The new NI requires certain legal entities to disclose to the Brazilian tax authorities the
complete chain of ownership up to the ultimate beneficiaries, as well as the legal
representatives of owners. The changes are in line with the OECD and G-20 initiatives to
combat money laundering and tax avoidance. 

Source & more info: Deloitte

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