Articles
21Oct 2007
For decades, acquisition of rural land by foreigners has been a major issue in Brazil. For over thirty years, rules and regulations have imposed restrictions for foreign ownership of Brazilian land.
At the time the first restrictions were created, the world was under the...
10Oct 2007
In principle, the Sarbanes-Oxley Act of 2002 only applies to American publicly held corporations and to foreign companies that have their papers negotiated in the American Stock Market, as well as their respective directors, officers, in-house and independent auditors. In...
23Sep 2007
Recent data from Brazil’s Federal Revenue Department (FRD) shows that the number of tax audits carried out between January and July 2007 is more than 90 percent greater than for the same period in 2006, and the volume of assessed taxes also has increased by more than 66...
18Sep 2007
In a surprising unanimous decision, Brazil’s Supreme Court on September 17 granted an injunction to prevent the Federal Revenue Department from assessing a taxpayer for excluding its export income when calculating the 9 percent Social Contribution on Net Income (CSL)....
24Jul 2007
Brazil’s President Luiz Inácio Lula da Silva has signed Law 11,508/07, which changes the tax regime applicable to the country’s special export processing zones (ZPEs) — but first he vetoed 19 articles, upsetting supporters of the original law project and...
23Jul 2007
Brazil’s Council for Economic and Social Development (Conselho de Desenvolvimento Econômico e Social, or CDES)(1) on July 17 submitted a proposal to President Luiz Inácio Lula da Silva recommending that the government legally limit the country’s maximum tax...
23Jul 2007
Brazil’s Federal Revenue Department (FRD) has stated that corporate reorganizations and successions are subject to the 0.38 percent bank transactions tax (CPMF). That official position was published July 19 in the official gazette as Interpretative Declaratory Act (Ato...
19Jul 2007
A controversial law project currently under review by Brazil’s House of Representatives would create an extra tax on “extraordinarily high” profits realized by banks and other financial...