Brazil: Tax voluntary disclosure program | KPMG | GLOBAL

Brazil: Tax voluntary disclosure program, repatriation of assets

Brazil: Tax voluntary disclosure program

There is a newly enacted voluntary disclosure program in Brazil that provides a pathway for the repatriation of previously undeclared or underreported assets held abroad.


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The law—Lei nº 13.254 de 2016—was published in the official gazette on 14 March 2016, and applies for undeclared assets with respect to tax periods prior to 31 December 2014. 

The provisions allow taxpayers to declare assets held abroad or to revise incorrect data about their assets—including bank deposits, investments, insurance policies, loans, pension plans, stocks, equity investments, intangible assets, and real estate. It also applies with respect to certain automobiles, airplanes, and private boats (subject to certain lien provisions). The tax that will be imposed will be equal to a rate of 15% (that is, the rate of capital gains tax as of the end of 2015). 

In determining the value of the assets, taxpayers are to convert the value into U.S. dollars and then into Brazilian Reais. 

The deadline to participate in this program generally is 210 days from the date of publication of the law, or 210 days from 14 March 2016. 


Read an April 2016 report (Portuguese) [PDF 50 KB] prepared by the KPMG member firm in Brazil: Lei da Repatriação 

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