Brasília – Brazil’s Federal Revenue Service collected BRL 50.9 billion (USD 15.9 billion) in taxes and fines stemming from regularization of funds kept abroad, under the Law on Repatriation of Funds. The result was announced this Tuesday (1) by Federal Revenue secretary Jorge Rachid. The total amount of assets made regular was BRL 169.940 billion (USD 53 billion), he said. The deadline for natural persons and corporate entities keeping assets abroad to comply with their tax obligations with a discount on their fines was last Monday (Oct 31).
In all, 25,011 natural persons and 103 corporate entities declared their assets. “The program has been successful. Federal Revenue teams worked to clear up taxpayers’ questions through several seminars. The technology team offered a solution that helped make compliance easier,” the secretary said. According to him, in the United States, for instance, a similar program grossed USD 8 billion in 2009, and Brazil’s own program exceeded USD 15 billion.
*Translated by Gabriel Pomerancblum
