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On 30 November 2023, Law 14.740/2023 was published, which provides for the incentivized self-regularization of taxes handled by the Brazilian Internal Revenue Service, with the waiver of interest and penalties. Taxpayers will have up to 90 (ninety) days after the law is regulated to join the program.
The self-regularization program provides for the possibility of paying tax debts within the scope of the Brazilian Internal Revenue Service, the main points of which are discussed below:
100% discount in penalties and interest, provided they are paid as follows:
Use of credits of a judicial order of payments. Use of Tax Losses and negative calculation bases of the Social Contribution on Net Profits (NOLs) to settle the debt, limited to 50% of the amount of the debt.
Tax debts covered by self-regularization will not be an obstacle to the renewal/issuing of the Tax Clearance Certificate.
Up up to 90 days after regulation.
Provision for non-taxation by IR/CS (CIT) and PIS/COFINS (Turnover Taxes).
We believe that the regulations will be published later this year, so we recommend that an assessment be made of potential debts that the company believes could be included in this program.
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Trench Rossi Watanabe and Baker McKenzie have executed a strategic cooperation agreement for consulting on foreign law.
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