BRZ Tax published Instruction 2221 on new Special System for General Regularization of Exchange and Tax Assets (RERCT-Geral) pursuant to Art. 9 to 17 of Law 14.973.
Highlights
Applicable to the voluntary declaration of resources, assets, or rights of lawful origin, not declared or declared with omission or inaccuracy in relation to essential data.
Declaration made in Brazil or abroad, repatriated by residents or domiciled in Brazil.
RERCT-General applies to all resources, assets, or rights of lawful origin of residents or domiciled in the Country until Dec. 31, 2023, including previously existing movements.
Maintained in Brazil or abroad, declared or not declared with omission or inaccuracy.
Individual or legal entity resident or domiciled in Brazil on Dec. 31, 2023, holder of assets and rights of lawful origin before that date may opt for the RERCT-Geral.
RERCT-General also applies to non-residents at the time of publication of the Law.
If they are residents or domiciled in the country on Dec. 31, 2023, per tax legislation.
Each declarant may submit sole regularization declaration, including assets and rights.
The beneficiary of the trust is declarant of the sole specific regularization declaration.
They are responsible for rectifying the annual adjustment declaration or the records.
Effectiveness
Instruction 2221 comes into force on the date of its official publication.
The deadline for joining the RERCT is Dec. 15, 2024.
