On 28 November 2016, the draft law to reopen the Currency and Tax Compliance Special Regime (Regime Especial de Regularização Cambial e Tributária, RERCT) was accepted in the Brazilian Chamber of Deputies. The draft law was approved by the Senate on 23 November.
The current draft of the law provides for the disclosure of assets held abroad as of 30 June 2016 with a 17.5% tax on the disclosed assets plus a 17.5% penalty (15%/15% under original regime). The reopening of the regime would begin …