The long-awaited amnesty

Amnesty for whom? That’s an interesting question. We waited a while to finally make our comment on the matter and thus we could see how some legal consultants are seeing the project to implement the RERCT (A special regime to come into tax and currency exchange compliance) to be regulated by the PLS 298/15 or to simplify, a project for capital repatriation. Our vision always has been accompanied by a certain skepticism about the government’s ability to pass such a project with so little political capital as now, but let’s leave that aside for a moment.

The project itself is bound to create a fund for loss compensation with ICMS due to the attempt to finally promote a reform of such a tax to end the fiscal war between the states. Unfortunately as is common in Brazil is an inconsistency to expect a fund that require recurring funding to be powered via a measure that will promote a non-recurring revenue, famous cover the sun with a sieve. But this is not a project design error itself, but the fiscal measures plan.
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No Discount

Russia is following the steps of other countries like the US and Italy on the way of approving a law to allow taxpayers to regularize previously undeclared assets held offshore.

The Russian Government said on March 27, 2015, that the law, “On the Voluntary Declaration of Property and Bank Accounts (Deposits) by Individuals,” will allow taxpayers to repatriate assets taken out of the country in violation of tax, currency, and/or customs laws with a waiver on penalties.

The Government has said that information received will be treated as confidential, and an amnesty will be provided for criminal or administrative offenses committed.

The main goal is to retrieve taxes that were unpaid so as it happened in the US and Italy the Russian government will not press criminal charges on those who volunteer but will charge in full taxes, penalties and interest.
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