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Brazil To Refund Late Payment Charge To Tax Amnesty Users

Thursday, February 16, 2017

Brazil has said it will refund any late-payment penalties improperly charged to taxpayers who made a declaration under the RERCT amnesty, launched in January of last year.

The Department of Federal Revenue of Brazil said that it has taken steps to cancel any undue charges already collected.

The amnesty, which was signed into law on January 13, 2016, provided for a 15 percent tax on the value of any declaration and an equal penalty. The amnesty was introduced to allow those who were tax resident or domiciled in Brazil on December 31, 2014, to report undeclared foreign assets without fear of prosecution, providing the assets were legitimately acquired.