Brazilian Voluntary Disclosure Program Law Signed by President

On 13 January 2016, Brazil's President Dilma Rousseff signed into law the new voluntary disclosure program that was approved by the Senate on 15 December 2015 ({News-2015-12-18/A/2- previous coverage}). The Currency and Tax Compliance Special Regime (Regime Especial de Regularização Cambial e Tributária, RERCT) provides for a 15% tax rate plus 15% penalty for disclosed assets that were unreported up to 31 December 2014.

While most aspects of the RERCT program as approved by the Senate are ma…