On 15 December 2015, the Brazilian Senate approved Law Project No. 2960/2015, following approval by the Chamber of Deputies in November. The Law Project provides for the creation of a new voluntary disclosure program for unreported foreign assets: the Currency and Tax Compliance Special Regime (Regime Especial de Regularização Cambial e Tributária, RERCT). RERCT allows both individual and corporate taxpayers to voluntarily disclose any legally obtained funds, assets or rights that have been r…