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Brazil collects 14 bln USD in taxes with capital repatriation law

Xinhua, October 28, 2016 Adjust font size:

Brazil managed to collect 45.8 billion reals (14.5 billion U.S. dollars) in taxes from money previously kept abroad illegally and repatriated by a new law, the country's Federal Revenues Secretariat said on Thursday.

According to the secretariat, a total of 152.6 billion reals (48.4 billion U.S. dollars) entered Brazil since the new repatriation law took effect in April. So far, 70 companies and over 21,000 citizens have repatriated resources under the new law.

The deadline for joining the program is Oct. 31, but the secretariat has warned citizens against leaving the matter to the last minute, as financial operations can take time to complete.

Under the new law, companies and citizens who keep taxable assets abroad illegally can return those assets to Brazil without being prosecuted for failing to declare it. The contributors are effectively being pardoned for tax evasion. The money must be proved to have come from legal businesses and sources.

In order to repatriate the money, citizens and companies must pay 15 percent of income tax and another 15 percent as a fine. Endi