Brazil Gazettes Law Establishing Special Tax Regime for Updating, Regularizing Assets

The Brazilian Official Gazette Nov. 21 published Law No. 15,265, establishing a special regime for updating and regularizing assets (REARP). The law includes measures: 1) allowing individuals and legal entities to update the value of specified assets acquired on or before Dec. 31, 2024; 2) setting a 4 percent individual income tax rate, 4.8 percent corporate income tax (IRPJ), and 3.2 percent social contributions on net income (CSLL) rate for the difference between the updated value and the acquisition cost; 3) applying a 15 percent capital gains tax rate to assets subject to regularization; 4) requiring that declarations be filed ...