Gabriela de Ávila Machado
Lawyer at Marcos Martins Advogados
On July 1, 2020, the deadline for filing the Annual Census of Foreign Capital in Brazil will open.
The following are obliged to submit the declaration
1. Legal entities headquartered in the country, with direct non-resident participation in their share capital, in any amount, and with net worth equal to or greater than the equivalent of US$100 million on the base date of December 31 of the base year;
2. Investment funds with non-resident shareholders and net worth equal to or greater than the equivalent of US$100 million on the base date of December 31st of the base year, through their administrators; and
3. Legal entities headquartered in Brazil, with a total outstanding balance of short-term commercial credits (due within 360 days) granted by non-residents, in an amount equal to or greater than the equivalent of US$10 million, on the base date of December 31st of the base year.
The deadline for submission is 6 p.m. on August 15, 2020, under penalty of a fine and other penalties.
The following are exempt from submitting the declaration: individuals; agencies of the Direct Administration of the Federal Government, States, Federal District and Municipalities; legal entities that are debtors of onlendings of foreign credits granted by institutions based in the country; and non-profit entities maintained by contributions from non-residents.
If you need any more information or help preparing your tax return, we are at your disposal.
