Brazil's Federal Revenue Department has announced the launch of a public consultation on the draft Normative Instruction that will regulate the country's new transfer pricing regime. As previously reported, Brazil's new transfer pricing regime was introduced by Provisional Measure No. 1.152 of 28 December 2022, which was recently converted into law by Law No. 14.596 of 14 June 2023. The new law expressly incorporates the arm's length principle into the Brazilian legal system in accordance …