[Free translation]Was published in the Official Gazette today, Law No. 13,254 / 2016 establishing the Special Regularization Exchange and Tax Regime (RERCT).
It was designed to carry out voluntary declaration of resources, assets or rights of lawful origin, undeclared or declared with omission or inaccuracy in such essential data sent or kept abroad, or repatriated by resident or domiciled in the country.
The RERCT applies to residents or domiciled taxpayers in the country as of December 31, 2014, which have been or still are owners or asset holders, goods or rights in periods prior to December 31, 2014, although, on that date , do not have balance of funds or title to assets.
To join the RERCT, physical or legal person shall submit to the Federal Revenue of Brazil (RFB) single statement of specific regulation containing a detailed description of the resources, assets and rights of any nature that holds and the description of the charged conduct by declaring that fit the crimes provided for in § 1 of art. 5 of the aforementioned Law.
Joining the program will be given by the delivery of the statement of resources and full payment of the proposed tax and the fine provided for, and will have as main feature the extinction of punishment of several criminal conduct related to tax evasion referred to in art. 5 of Law under consideration.
Those opting RERCT, whether individuals or legal entities, subject to the payment of income tax on it by way of capital gains at the rate of 15% (fifteen percent), increased by 100% fine; totaling 30%. Adherence to RERCT can be made within 210 days, counted from the date of entry into force of the regulatory act of RFB and the consequent payment of the tax and fine.
The dissemination or publication of information contained in RERCT imply an effect equivalent to the breaking of tax secrecy, by subjecting responsible to penalties of the law, and in the case of a public official, the penalty of dismissal.
It is forbidden for the RFB, the National Monetary Council (CMN), the Central Bank of Brazil and other public bodies RERCT actors disclosure or sharing of the information provided by claimants who have opted to RERCT with the states, the Federal District and the municipalities, including recoverable taxes purposes.
