Brazil has published Normative Instruction No. 1896 of 27 June 2019, which amends Normative Instruction No. 1037/2010 to remove San Marino from the list of jurisdictions with low taxation or lack of adequate information exchange (the blacklist). The Normative Instruction removing San Marino entered into force on 28 June.
Inclusion in the list impacts several areas of Brazilian taxation, including withholding tax rates, the deductibility of expenses, thin capitalization rules, CFC rules, an…