RERCT: Voluntary Disclosure Brazil

RERCT: Voluntary Disclosure Brazil 2017-05-20T18:06:11+00:00

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RERCT Brasil 2016: Quanto custa para regularizar minha conta na Suíça?
Informações sobre a repatriaçao de capitais – Receita Federal do Brasil

1ª Conferência Internacional sobre RERCT
São Paulo, 22 de setembro de 2016

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RERCT Voluntary Disclosure BrazilAre you a Brazilian citizen and do you want your Swiss bank account to become tax compliant?

Brazilian holders of undeclared offshore assets will be eligible for government amnesty in exchange for a fine.

The Voluntary Disclosure Program (VDP) in Brasil starts on 4 April and ends on 31 October 2016. The Brasilian Federal Tax Agency – Receita Federal – published a resolution in the official gazette on 15 March 2016 about RERCT (Regime Especial de Regularização Cambial e Tributária).

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The VD-Program, approved by Congress last year, is part of President Dilma Rousseff’s efforts to cut a swelling budget gap and revive investment in the recession-hit economy. It will offer amnesty from prosecution to Brazilians if they disclose assets held abroad. 15 – 30 % fine in the form of tax. When the bill was approved by the Senate late last year, government officials said it could help raise about 11 billion Reais (USD 2.74 billion) in revenues.

The bill had been criticized for being too lenient on tax dodgers. Critics said it facilitates money laundering stemming from a corruption scandal at state-controlled firms, in which millions of Reais were siphoned into secret accounts of ruling coalition politicians and business executives in Switzerland and offshore financial havens.

Officials are hoping that the law, coupled with growing international cooperation, will further deter tax evaders. Last July, Brazil’s Congress ratified an agreement to exchange tax information.

What do we offer?

Due to the Automatic Exchange of Information, there is no escape in the future. Take this unique opportunity to make your assets become tax compliant. Compared with other jurisdictions in USA and Europe the terms and conditions to participate to the VD-Program in Brazil are very convenient and attractive. It would be a big mistake to not catch this opportunity to legalize your assets in your benefit and in the benefit you’re your family and your heirs.

A private banking law firm has substantial experience with the Offshore Voluntary Disclosure Program in the USA, the Voluntary Disclosure Program in Italy and even in India.

Our law firm leads the mandate and is focussed on the communication with the Swiss banks. We have strong cooperation with Brazilian Tax lawyers handling the filing with the Receita Federal and the Brazilian Central Bank (BACEN). Our internal team of accountants is familiar with the Swiss bank statements and the calculation of the tax impact. We made hundreds of filings successfully.

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Who qualifies to the Brazil Voluntary Disclosure Program (VDP)?

Brazilian individuals or legal entities who were tax resident on December 31, 2014, and who held or has held tangible or intangible assets, including inherited ones.

Voluntary disclosure is to be reported in a special tax return (DUR) submitted to RFB (Receita Federal do Brasil), with a copy to the Brazilian Central Bank (BACEN), along with the full payment of the applicable tax and the penalty, as detailed below.

How much does it have to pay?

The value of the total assets that are being voluntarily disclosed will be deemed income earned on December 31, 2014, and will be taxed as a capital gain tax at a 15 percent rate, without any deductions, discounts or acquisition costs.

To determine the value of the asset in Brazilian currency must be converted into USD (apply BACEN exchange rate on December 31, 2014, which was 2.6562 R$ / 1 USD. Such capital gain tax shall be considered as final tax and will not allow the refund or deduction for any amounts previously paid.

The capital gain tax will be subject to a penalty, exception for accounts abroad with balances less than R$10,000 per person. The total tax burden will be 30 percent (tax and penalty) of the value of the unreported asset.

You need a detailed description for the Voluntary Disclosure of the tangible or intangible assets and valuation, at market value, of the corresponding amounts.

This includes: bank deposits, investment fund’s quotas, insurance policies, loan transactions with persons or entities, stock/share capital in foreign companies, any intangible assets available abroad subject to a royalty, real estate, vehicles, aircraft or another movable asset subject to registration

What are my benefits and advantages?

The applicants for the VDP will enjoy the following amnesty benefits:

  1. Cancellation of tax assessments for non-compliant accounts and assets;
  2. Elimination of all penalties or legal charges that are directly related to these assets;
  3. No penalty for not filing a complete and timely BACEN return;
  4. No penalties that would be imposed by the Brazilian Securities and Exchange Commission (CVM), or any other federal regulatory entities;
  5. No penalties defined in special laws (Laws No. 4,131/1962 and 9,069/1995 and in Provisional Measure No. 2,224/2001);
  6. Full criminal amnesty, including in cases of regularization of assets that were held by intermediaries.

If you want to repatriate the funds (but this is not mandatory – they can stay e.g. in the Swiss bank account), the person must use a financial institution authorized to perform a currency exchange operation in Brazil Regarding financial assets,  if the reportable amount exceeds USD 100,000, then the applicant must request and authorize the financial institution abroad to send information about the balance of these assets on December 31, 2014, to the financial institution in Brazil, which will then forward such information to Tax authorities. The financial institution in Brazil will not verify however the accuracy of the information and reporting furnished by the foreign financial institution.

Our tax experts will take care of your filing Exceptions – Section 11 of the Repatriation Law,

You do not qualify for the VD-Program if, on the date of publication of this law, you are holding a high-level or an elected government job, position or function, including spouses and relatives, up to the second degree or by adoption. Individuals who already have been convicted in criminal proceedings do not qualify for the VD-Program.

If you are smart, do not miss this opportunity. It’s a unique opportunity to have peace of mind again. Legalize your assets and become tax compliant.

Find out more


Visit our website about RERCT Brasil

Contact us to get free advice about Voluntary Disclosure in Brasil

Alternatively, you can call us any time at +41 44 212 44 04 (Switzerland) or +55-11 43 49 61 70 (Brasil).

My guarantee to you: Your information is legally protected by client-lawyer privilege and absolutely confident. No risks for you and the First Consultation is 100% Free of Charge.