Bill no. 798/2021 (“PLS”), authored by Senator Rodrigo Pacheco, which reopens the deadline for the Special Regime of Exchange and Tax Regularization – “RERCT”, evolves in the Senate.

The RERCT allows taxpayers to voluntarily regularize assets held abroad by paying taxes and fines. To join the program, the taxpayer had to deliver a special declaration to the Federal Revenue and pay the equivalent of 30% of the regularized assets, taxes and a fine. The deadline for adherence ended on 10/31/2016, but was reopened in 2017, with an effective tax rate of 35.25% on the total regularized assets.

According to the current wording, the PLS provides for the reopening of the RERCT, with a base date of 12/31/2020 and a rate of 40% on the total declared assets. The program also extinguishes the punish ability of crimes such as Concealment of Assets, Currency Evasion, and others.

The PLS will be voted by the Federal Senate Plenary and, if approved, will be voted by the House of Representatives.

The Wealth-Planning & Tax team is available to clarify any doubts on the subject

By Juliana Cardoso, Gabriela Gomes de Andrade and Henrique Paslar Godinho da Silveira – Wealth Planning & Tax Team, Abe Advogados