(English) International Capitals – The time limits for the rendering of CBE`s declarations were defined

[:en]International Capitals – The time limits for the rendering of CBE`s declarations were defined

(Renato Schweizer Lage Araújo)

Central Bank Circular n. 3,574 has entered into force in January 2012 and established the time limits for individuals and legal entities resident, domiciled and with head offices in the country to present their declaration of assets and values held abroad (Declaration of Brazilian Capital Abroad – CBE), according to Resolution Nº 3,854 of May 27, 2010. The purpose of this declaration is to follow the capital flow in the country, as well the permanent assessment of their stock.

Residents in Brazil that have assets abroad in an amount equal or superior to US$100,000.00 (one hundred thousand US Dollars) in December of each year, shall present their respective CBE’s Declarations annually.

–  For December 31, 2011, the annual declaration shall be filled in until April 5, 2012.

In addition to the annual declaration, residents in Brazil with assets and values abroad of an amount equal or superior to US$100,000,000.00 (one hundred million US Dollars), shall present the declaration quarterly, on March 31, June 30 and September 30 of each year. For the 2012 year, the time limits are as follows:

–  The quarter declaration of March 31, 2012: deliver between 9 a.m. on April 30, 2012 and 8 p.m. on June 6, 2012;

–  The quarter declaration of June 30, 2012: deliver between 9 a.m. on June 30, 2012 and 8 p.m. on September 6, 2012;

–  The quarter declaration of September 30, 2012: deliver between 9 a.m. on October 29, 2012 and 8 p.m. on December 7, 2012.

All documents corroborating the declarations shall be kept for a period of five years, counted from the year of the declaration, in case the Central Bank requires a copy of them.

In case the Declaration of Brazilian Capital Abroad is not made, the defaulting person is subject to penalties by the Central Bank, of a maximum amount of R$ 250,000.00 (two hundred and fifty thousand reais), depending on: (a) delay in the presentation of the declaration, (b) presentation of declarations with inaccurate or incomplete information, (c) declaration not presented or no presentation of the corresponding documents to the Central Bank of Brazil, or (c) presentation of false declaration or presentation of false information regarding the values subject to declaration.

The Corporate team of Chenut Oliveira Santiago – law firm is at your disposal to clarify any issues on this topic.[:]