On January 13th, 2016 it was published the law no. 13.254/2016, to establish the Special Regime of Exchange and Tax Regularization (“RERCT”). Through this Special Regime, resources, rights or goods kept overseas, from licit sources, can be legalized in Brazil. The RERCT was regulated by the Normative Instruction no. 1.627/2016, which was published on March 15th, 2016, on the Official Gazette.
As provided in the above-mentioned Normative Instruction, it may join the Special Regime the individuals or companies with residence in Brazil on December 31st, 2014, who were or still being, owners of goods or rights before December 31st, 2014, even without any balance or title of goods and rights property on this date. The RERCT is also applicable to estate, provided that the succession was opened until December 31st of 2014.
The goods and the rights, object of regularization, will be considered as capital increase acquired on December 31st, 2014, subjecting individuals or legal entities, to pay the income tax on this capital gain, with the current rate stipulated on the mentioned date. Besides the tax payment, the accession will imply in the payment of the regularization fine by a percentage of 100% of the tax owed.
It is important to mention that the regularization in accordance with the RERCT, will guarantee to the beneficiaries: (i) the release of the tax debts resulted by the violation of the tax obligations; (ii) 100% reduction of the late-payment penalty, ex-officio or isolated fines and of the legal charges directly related to these assets; (iii) the penalty exclusion resulted from the incomplete and untimely delivery of the declaration of Brazilian capital markets overseas, defined by the Brazilian Central Bank; (iv) the penalties applied by the “Securities and Exchange Commission” (“CVM”) or other regulatory authorities; (v) among other penalties.
The accession term to the Special System is between April 4th and October 31st, 2016. It is important to inform that every procedure shall be made electronically, that’s why it is so important and relevant the acquisition and registration on e-CPF/e-CNPJ. The agreement form was approved on April 4th, 2016 by the Declaratory Act no. 2/2016, and it is already available on the e-CAC system.
We are monitoring the RERCT with all the necessary caution and already working actively on cases with this subject.
Therefore, if you are interested, we will be pleased to schedule a meeting about this subject.
Renata Gontijo e Mariana Duque
Rua Visconde de Pirajá, 572 - 3º e 5º andares - Ipanema - Rio de Janeiro
Tel.: + 55 (21) 3206 7999 Fax: + 55 (21) 3206 7950
Av. Brigadeiro Faria Lima, 1306 - 4º Andar - São Paulo - São Paulo - 01451-914
Tel.: + 55 (11) 4550-9180
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