Gabriela de Ávila Machado
Lawyer at Marcos Martins Advogados
On July 1, 2020, the deadline to file the Annual Census of Foreign Capital in Brazil opened. The deadline is 6 p.m. on August 15, 2020, under penalty of a fine and other penalties.
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 following are exempt from submitting the declaration: individuals; agencies of the Federal Government, States, Federal District and Municipalities; legal entities that are debtors on foreign credit transfers granted by institutions based in the country; and non-profit organizations supported by contributions from non-residents.
If you need any more information or help preparing your tax return, we are at your disposal.
