Friday, 5 February 2016

Brazil approves new law for repatriation of undeclared assets held abroad

On January 14, 2016, Brazil approved the Asset Repatriation Law (Law no. 13.254/16) introducing the "Special Regime of Taxation and Foreign Currency Regularization" for undeclared assets held outside of Brazil. The new law allows individuals and companies domiciled in Brazil to repatriate undeclared, omitted, or inaccurately declared assets held abroad by paying income taxes on such assets as well as a penalty.
Source & more info: PwC