Brazil's Federal Tax Authorities have published Normative Instruction 1,455 (NI 1,455) dealing with withholding tax (WHT) for different types of income resulting from cross-border transactions between Brazilian residents and non-residents.
Key aspects of the instructions include:
- Clarifies that capital gains realized by a non-resident on the sale of qualifying Brazilian assets or rights will be subject to withholding tax of 15% based on the original investment made in the Brazilian currency and…