On Tuesday, March 14, the Senate approved a new stage of the program that allows the repatriation of overseas funds, preventing politicians’ relatives from using this measure to regularize money and assets that are illegally out of the country.

The first program to repatriate illegally held funds abroad was closed last year, prompting the government to raise $ 47 billion with in fines and taxes, but explicitly banned the participation of politicians, their spouses and relatives until the second grade.

Rules

According to the proposal, the second stage of repatriation will start 30 days after the entry into force of the law, with a period of four months for accession.

The taxpayers who join the program will have to declare the irregular patrimony they had abroad until June 30, 2016 and the amount will be subject to Income Tax (IR) of 15% and 20% penalty – in the first Program, IR and sanction were 15% each.

The new repatriation program also eliminates the possibility of excluding those who have submitted statements to the Treasury with incorrect data. From now on, it will suffice to correct the data and pay the corresponding taxes.

Those who joined the first repatriation program will also be able to complement the declaration in this new phase. Of what the federal government raises, 46% will be divided with states and municipalities.

Those who joined the first repatriation program will also be able to submit supplementary statements at this new stage. 46% of what the federal government raises will be distributed among states and municipalities.