Law No. 14,973/2024, concerning the amnesty program for assets held in and/or outside Brazil and non-declared to the Brazilian Federal Revenue and to the Brazilian Central Bank (“RERCT 2024”), was published on September 16th, 2024. It presents taxpayers with an opportunity to disclose ownership of undeclared assets held outside the country with the benefits of […]
Author: MBG
Draft Law No. 108 of 2024 (“PLP 108”) and the Proposed Amendments to Estate, Inheritances and Gift Tax, Including on Cross Border transactions
Draft Law no. 108 (“PLP 108/24”) comprises the major revision of the Brazilian tax code, was approved last Tuesday, August 13, 2024, by the Chamber of Deputies and will be forwarded to Senate for discussion. In addition to establishing the transition between the current tax system, PLP 108/24 brings relevant proposals regarding the Estate, Inheritance […]
Regulation of Virtual Currencies in Brazil
Until very recently, cryptocurrencies were not specifically regulated in Brazil, unless they met the definition of a security under the Brazilian Securities Law. In December 2022 the President of Brazil sanctioned Law 14,478 setting the rules for virtual assets service providers (‘virtual assets service providers’ or VASPs). Law 14,478 came into effect in June 2023. […]
Resume of Government tie break vote in Tax Disputes at the Administrative level
Initially, the casting vote in favor of the Federal Government was edited, by Provisional Measure MP 1,160, which lost effect on June 1st, returning to the pro-taxpayer tiebreaker at Carf. After an agreement with the president of the Senate, it was decided to send it as a legislative proposal with constitutional urgency. Bill No. 2.384/23. […]
Taxation on income from investments abroad, trust or offshore funds
The text approved by the Plenary of the Chamber of Deputies of Provisional Measure 1,172/23 suppresses the new rules regarding taxation on income from investments abroad, trust or offshore funds, which were also contained in MP 1171/23, which expires on the 27th of August. The matter should be discussed again in the form of a […]
Rua Odílio Bacelar, 43 – Urca
Rio de Janeiro – RJ – 22290-260
R. Leopoldo Couto de Magalhães Jr., n° 1098, cj 66 – Itaim Bibi
São Paulo – SP – 04542-000