Central Bank announces 2007 deadline for reporting foreign assets

In Circular 3,345/2007, published in the official gazette on March 19, Brazil’s Central Bank has established a filing period of March 19 through May 31 for the mandatory reporting of foreign assets for those with foreign assets worth at least US $100,000, or the equivalent amount in other currencies, as of December 31, 2006 (Declaração Eletrônica dos Capitais Brasileirosno Exterior, or CBE). The 2007 edition of the CBE for the first time requires taxpayers to disclose not only the first destination of funds remitted out of Brazil, but also the funds’ final destination.