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Tax amnesty to be implemented in Brazil

Tax amnesty to be implemented in Brazil

The relevant law was published in September. Among other changes, the law proposes an amnesty for undeclared assets of residents and non-residents.

Thus, until December 15, 2024, it is possible to notify the Federal Revenue Service of undeclared assets that appeared before December 31, 2023. The amnesty is valid for assets both outside the country and for assets of legal origin that were transferred to Brazil.

Persons resident or domiciled in Brazil will also be able to apply for the amnesty, but the application must be submitted on time, income tax and 100% fine paid. In addition, a statement must be provided that the repatriated assets are obtained as a result of legal economic activity.

The regime proposes a reduction in taxes and fines and a criminal amnesty. The amnesty will remove the punishability of crimes committed before the date of compliance with the law.

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