Brazil has published Normative Instruction 1720 of 20 July 2017 in the Official Gazette, which clarifies the taxation of income and net gains from financial and capital markets. The Normative Instruction provides that legal persons taxed on the basis of the actual taxable income method can deduct withholding tax in the period of calculation in which the withholding of tax occurs even if part of the income on which tax was levied was computed in previous periods in accordance with the accrual…