On September 16, 2024, Law No. 14,973/2024 was published, bringing important tax updates, including:
– A new Special Regime for General Regularization of Assets, Exchange, and Taxation (“RERCT-Geral”), allowing for the payment of 30% income tax and fines. This time, it includes a broader range of taxpayers and covers assets held in Brazil as well as those held abroad. Similar to the program launched in 2016 under Law No. 13,254, it allows for the avoidance of foreign exchange evasion crimes, regulatory fines, and tax penalties.
– The possibility for individuals (4% rate) and legal entities (Corporate Income Tax 6% and Social Contribution on Net Profit 4%) to update the value of real estate to market value;
– Changes to the rules for extrajudicial and judicial deposits of interest to the Federal Public Administration, stipulating the application of the IPCA instead of the Selic for taxpayer withdrawals (which may be subject to discussion due to a lack of equality).
– Rules for the reduction of payroll taxes, establishing a transition period.
These measures are undoubtedly very relevant. To learn more, check out the full article in the PDF below or get in touch with our Tax and Wealth Management team.