Also defined as a repatriation project of assets, Law 13,254 allows people, as well as legal entities to voluntary, declare legally goods as well as titles that were otherwise undeclared. The law opens ways for technical exchanges between lawyers in Brazil and other states. Other than that, it allows for the amendment of declarations that were instigated inaccurately with the omission of assets as well as possessions before the end of 2014.
A more in-depth look into this law shows that the regime applies to all resources that have legally been obtained. This is inclusive but unlimited to bank deposits or quotas for funds, insurance policies as well as loan operations. Other factors include amounts meant to be paid to foreign corporations in assets or software.
As observed by Ricardo Tosto, the owner of LeiteTosto as well as Barros, this is a constructive partnership alongside a joint effort with the aim of documenting the necessary actions alongside repatriating resources in Brazil. Another official who agrees with Tosto is Nelson William. He states that the law opens an instrumental passage between Brazil’s and foreign lawyers. Similarly, Gama cites that a technical partnership can without a doubt; facilitate various procedures as well as processes that will involve two countries.
Despite their opinions, it is clear the repatriation project of resources is going through a tremendous trajectory that requires the approval of Congress. Ricardo Tosto continues to state that initially, the income tax was rated at 17.5% with an additional 17.5%. Even so, the amount would later be levied based on the current exchange rates.
The Exchange Rates
Beyond that, the exchange rate as of the end of 2014 was questionable. The value raised by the union was further raised to 30% because of the impending differences between the two current exchange rates.
Describing Ricardo Tosto
Ricardo Tosto is a prominent attorney and co-founder of Leite, Tosto and Barros. He specializes in credit recovery, bankruptcy, acquisition review, business reorganization as well as restructuring. Over the years, he has used his wealth of knowledge to assist corporations in decision making. Alongside working as a human resources manager, Ricardo Tosto qualifies as an executive Brazilian lawyer and advisor.