Brazil published Normative Instruction No. 1704/2017 in the Official Gazette on 3 April 2017. The Instruction regulates the reopening of the Currency and Tax Compliance Special Regime (Regime Especial de Regularização Cambial e Tributária, RERCT), which was approved by the Senate on 14 March and enacted on 31 March as Law No. 13.428/2017. With the reopening of the RERCT regime, taxpayers may disclose assets unreported up to 30 June 2016 subject to a 15% tax rate plus a 20.25% penalty (135% …