New phase of the exchange rate and tax regularization program is under analysis in the Senate
Last week, the Ministry of Finance delivered to the senator Renan Calheiros (MDB-AL) a proposal for the new phase of the resource repatriation program. In June, the congressman, rapporteur for the measure, he said that the Senate could expedite the analysis of the PL (Bill) 798/2021which reopens for 120 days the term of adhesion to the RERCT (Special Exchange and Tax Regularization Regime).
According to information obtained from the portal metropolises, the proposal submitted by the Treasury estimates revenue of R$ 1.6 billion with the reopening of the program. The amount is the same as 2017when the 2nd phase of the RERCT took place.
The program, created in 2016, makes it possible to regularize resources, goods and values of legal origin whose existence has not been declared in the correct time to Brazilian public bodies. The final amount collected in 2017 is equivalent to 3.4% of the revenue from the previous version of the repatriation. In 2016, the program generated BRL 46.8 billion.
“The 2nd repatriation had a much lower collection because it just copied the rules of the previous repatriation. In this now, and we have already communicated to the President of the Republic and the Minister of Finance [Fernando Haddad]we will be able to make a rule with greater attractions, in order to collaborate with the increase in revenue in Brazil”, said Renan at the end of June, after meeting with party leaders.
According to metropolisesthe Treasury warned the senator that the estimate of R$ 1.6 billion is just a reference.
The new phase of the repatriation program should allow the participation of people who hold public office and their direct family members.
The PL, proposed by the senator and president of the Senate, Rodrigo Pacheco (PSD-MG) in 2021, establishes that the taxpayer who adheres to the RERCT must identify the origin of the goods and declare that they originate from lawful economic activity, without the obligation to prove it. When proposing the measure, Pacheco stated that the burden of proof of demonstrating that the information provided is false falls, at any time, on the Federal Revenue Service.
The project proposes a rate to be paid by the declarant who adheres to the RERCT during the new 40% period on the value of the asset subject to regularization – higher than in previous phases.
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