Archive for March, 2016

Federal Revenue to publish rules on repatriation of funds this month

March 7, 2016

The normative instruction draft of the Secretariat of Federal Revenue that will regulate Law No. 13,254, establishing the conditions for the legalization of funds sent illegally abroad, has received 284 suggestions for changes or requests for information during the public consultation period ended on Thursday. The suggestions can be divided into three groups: instruments considered illegal for violating the Law 13,254; rules that would be inapplicable due to operational incompatibility; and articles that can lead taxpayers to differing interpretations, causing legal uncertainty. The suggestions include one from teacher Eduardo Salusse, of FGV\’s Law School, in São Paulo. He advocated that the payment of tax and penalty could be done with funds from abroad. Today, when capital enters the country, first the taxpayer must pay the tax and the fine, and then report it to the Federal Revenue and the Central Bank and, finally, to the financial institution in order to convert the currency and release the money in Brazil. According to the Federal Revenue, the normative instruction will be published this month.

valor.com.br

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