The federal tax agency in Brazil have announced that any Brazilians holding unreported offshore assets located in Brazil will be eligible to declare the asset between April 4th and October 31st in exchange for a fine and no criminal proceedings in a government amnesty program.

According to the official statistics agency of Brazil IBGE, the country had the worst performance of any G20 nation, as the economy slowed down; businesses made 1.5 million people redundant and put all investment projects on hold.

Tax planning measures implemented in Brazil

A requirement for taxpayers to submit a declaration form by September 30th each year with details of any transactions that may result in tax savings is stated in a Provisional Measure 685/2015 published in Brazil’s Official Gazette last July.