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Brazil Says Offshore Assets Amnesty Yielded Billions

by Mike Godfrey, Tax-News.com, Washington

08 August 2017


Brazil's Inland Revenue has announced that assets worth BRL4.6bn (USD1.46bn) have been declared by Brazilian taxpayers through its amnesty for undeclared overseas holdings.

It said that the income tax and fines linked to these assets totalled BRL1.6bn.

The figures cover the period between March 3 and July 31, 2017, when the amnesty was re-opened for applications.

Those who took advantage of the 120-day amnesty had to pay a 15 percent income tax charge, plus 135 percent of this amount, to regularize their affairs.

TAGS: compliance | tax | tax compliance | Brazil

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