Setting up a business in Brazil: entity types, compliance and registration of foreign capital
17/04/2023
Income Tax: precautions to be taken when declaring assets and earnings abroad
18/04/2023HIGHLIGHTS
Law that extends Taxation on a Universal Basis until 2024 has been enacted
April 14 saw the publication of Law No. 14,547/2023 , which resulted from Provisional Decree No. 1,148/2022 being signed into law. The act has extended until 2024 the benefits of taxation on a universal basis applicable to Brazilian multinational companies provided for under Law No. 12,973/2014, whose provisions were originally set to expire in 2022.
The law provides for the deduction of deemed credits from Corporate Income Tax (IRPJ) at a 9% rate and allows domestic companies to consolidate profits and losses of their subsidiaries abroad in the income statement of their parent company, doing away with the need to identify eventual taxes payable or offsets on a case-by-case basis.
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