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Brazil: Statement of operations with money in cash

Beginning this year, individuals and legal entities that receive amounts in kind above R$ 30,000 (Thirty thousand Reais) will be required to inform the Federal Revenue of the Brazil of the operation.

The taxpayer should provide information about the buyer and detail the reason for the money received, whether in the sale, rental, service or assignment of goods and rights.

Normative Instruction (IN) nr. 1,761 / 2017 established the ancillary obligation and created the Statement of Liquidated Operations with Currency in Kind (DME).

In cases where the omission of the declaration or the presentation of an incomplete declaration is detected, there will be a fine of 1.5% to 3% of the value received and not declared.

The Brazilian Internal Revenue Service states that the main purpose of this measure is to monitor transactions of irregular origin, resulting from corruption, money laundering or trafficking in drugs and arms.

To access the legislation, follow the link belown:

http://normas.receita.fazenda.gov.br/sijut2consulta/link.action?idAto=88018&visao=anotado

2018-08-22T12:28:09+00:0022/08/2018|Uncategorized|