Brazil's Federal Revenue Department has announced that information on non-repatriated financial assets disclosed under the Currency and Tax Compliance Special Regime (RERCT) must be transmitted from 2 May 2017 to 30 June 2017. The RERCT regime provides for a 15% tax rate plus 15% penalty for disclosed assets that were unreported up to 31 December 2014, subject to a number of conditions, including that the taxpayer authorizes the relevant foreign financial institutions to transmit information…