Brazil creates return to report taxpayers' financial information


Brazil creates return to report taxpayers' financial information


Brazil’s Federal Revenue Department issued Normative Instruction 802/2007, which creates a new tax return to report taxpayers’ financial transactions. Financial institutions must disclose monthly financial transactions information that exceeds BRL 5,000 for individuals and BRL 10,000 for companies. The new tax return must be filed on a semiannual basis and it is effective as of January 1, 2008.