Brazil has published Law No. 14.547 of 13 April 2023 in the Official Gazette, which provides for the conversion into law of Provisional Measure 1148/2022 to extend the term of validity of the consolidation regime and presumed credit for controlled foreign companies (CFCs) under Law No. 12,973 of 13 May 2014. This includes:
- Until the 2024 calendar year, profits or losses of CFCs may be consolidated in determining the taxable income and CSLL calculation basis of the parent company in Brazil, …