On 13 January 2016, Brazil's President Dilma Rousseff signed into law the new voluntary disclosure program that was approved by the Senate on 15 December 2015 ({News-2015-12-18/A/2- previous coverage}). The Currency and Tax Compliance Special Regime (Regime Especial de Regularização Cambial e Tributária, RERCT) provides for a 15% tax rate plus 15% penalty for disclosed assets that were unreported up to 31 December 2014.
While most aspects of the RERCT program as approved by the Senate are ma…