Archives: Brazil

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Brazil clarifies how reinsurance companies are taxed

By: Alex Jorge, Leonardo Rzezinski, Rosana Gonzaga Jayme, Humberto Lucas Marini, Renato Lopes da Rocha and Marcella Hill The Brazilian Tax Revenue has published Private Letter Ruling No. 91/2018, as a response by the General Coordination of Taxation (COSIT), which revokes Private Letter Ruling No. 62/2017. The Response to Consultation No. 91/2018, issued in August, … Continue Reading

Administrative proceeding in State of Rio de Janeiro will allow the compliance of tax discrepancies

The State of Rio de Janeiro enacted the Resolution n° 265 on June 19, 2018, in order to allow taxpayers to regularize their tax debts before starting an official tax audit and to reduce the amount of credits in dispute before the administrative court. The proceeding is called a “friendly warning” and encompasses tax debts … Continue Reading

Brazil introduces US-Brazil Agreement on Social Security

The Brazilian Government has enacted Decree No. 9,422/2018, which introduced into Brazilian law the Agreement on Social Security between the United States and the Federative Republic of Brazil, originally signed on June 30, 2015.  The Agreement was enacted in late June 2018; its enforceability shall commence on October 1, 2018 and shall be applicable to … Continue Reading

Brazil and Switzerland sign DTT, reflecting Brazil’s effort to expand its network of tax agreements

By: Renato Lopes da Rocha Following the execution of an agreement with Switzerland, on May 7, 2018 by virtue of the visit from the Brazilian Minister Aloysio Nunes to Singapore, the Brazilian and Singaporean governments signed the Agreement for Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion … Continue Reading

Brazil and Switzerland sign Convention for Elimination of Double Taxation – highlights

The Governments of Brazil and Switzerland have signed the Convention for Elimination of Double Taxation with Respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance (DTT). In line with Brazil’s commitments under the G20, the DTT, signed on May 3, 2018, incorporates certain minimum standards of the Organization for Economic Cooperation … Continue Reading

TAX ALERT – INFORMATION ABOUT TAX BENEFITS – SEFAZ/RJ

Rio de Janeiro State Resolution n° 231, from March 23, 2018, establishes certain obligations for taxpayers who enjoy tax benefits for the provision of data to the National Tax Transparency website (CONFAZ), in which shall be publicized all the information and legislation regarding tax benefits. The deadline to present all the data required is April … Continue Reading

Co-working: the collaborative economy and the Brazilian real estate market

By Rafael Jordão Bussière Partner, Campos Mello Advogados in Cooperation with DLA Piper A long-term effect of the 2008 financial crisis is that markets have innovated to focus more on sustainability, cost mitigation and collaborative business structures. In this changing world, asset-sharing was a natural development for the real estate business. Complex collaborative work spaces … Continue Reading

TRF-2 MAINTAINS THE VALIDITY OF “TROPA DE ELITE” TRADEMARK REGISTRATION, FINDING THE SONG AND THE MOVIES CANNOT BE CONFUSED

The Federal Court of Appeals of the 2nd Region (TRF-2) has ruled that the song “Tropa de Elite,” owned by the Brazilian band Tihuana, is not a sufficient cause for the cancellation of the “Tropa de Elite” trademark registrations related to the Tropa de Elite movies, because the band allowed the use of the song … Continue Reading

Brazil: New Insurance Rules – Retrocession and new resolutions for pension plans

Retrocession This new regulation restricts private pension plans, and insurance cooperatives, microinsurers and insurance companies operating only with DPVAT (mandatory auto insurance for personal damages caused by vehicles) to accept risks in retrocession¹. Pursuant to this new rule, retrocession with insurers placed in Brazil or abroad can be placed directly with the insurer or intermediated … Continue Reading

Enforcement of Foreign Arbitral Awards in Key Latin America Jurisdictions

Published in the Global Arbitration Review, the chapter on the Enforcement of Foreign Arbitration Awards in Key Latin America Jurisdictions summarizes the arbitration law and practice of certain jurisdictions that have experienced an important development in the past 20 years in their arbitration landscape; they are also countries with significant economic growth. The countries in … Continue Reading

Convention for the Avoidance of Double Taxation between Brazil and Russia || Convenção para Evitar a Dupla Tributação entre Brasil e Rússia

On August 1st, 2017, it was published the Executive Decree no. 9,115/2017, which internalized the Convention for the Avoidance of Double Taxation between Brazil and Russia (“Brazil-Russia Treaty” or “Convention”), signed in Brasilia on November 22nd, 2004. We have focused on the most relevant points, considering most usual queries of taxpayers. According to article 2 … Continue Reading

ANVISA Simplifies Licensing Procedures for Life Sciences Companies

ANVISA – Brazil’s National Health Surveillance Agency – has taken a significant step in strengthening its regulatory framework. In promulgating RDC No. 153/2017, it is reducing the amount of regulatory red tape in the licensing of companies subject to health surveillance. The strategic goal of this ANVISA resolution is to rationalize, simplify and harmonize procedures … Continue Reading

INPI publishes Normative Instruction establishing new procedures for the registration of computer programs || INPI edita Instrução Normativa estabelecendo novos procedimentos para registro de programas de computador

See below for Portuguese The National Industrial Property Institute (INPI) has published Normative Instruction (NI) No. 71/2017, establishing new procedures for the submission of computer program registrations. The NI 71/2017 was created in order to serve as a transition between the current (physical) model and the new electronic system, which is expected to be implemented … Continue Reading

New Rules for Bidding Rounds of Production Sharing Agreements – Regulation of Petrobras’ Priority Rights

Brazil’s Decree No. 9,041/2017, which is now in force, regulates Law No. 13,365/2016, which changed the current criteria for investments and operations in the Brazilian pre-salt areas. Such alterations came at a critical moment and it is expected that they will help to attract foreign investments. The Brazilian government recently authorized and defined the areas … Continue Reading

Battle of the feds: end of the conflict between INPI and ANVISA on the registration of pharmaceutical product Patents

After 15 years, the feds have finally decided to unlock the system. In order to address certain amendments and add-ons to Law No. 9,276/96, the so-called Intellectual Property Law, in 2001 Brazil’s National Congress promulgated Federal Law No. 10,196. Despite appointing several technical and procedural parameters related to the National Industrial Property Institute (INPI), this … Continue Reading

Taxation and Reinsurance in Brazil: Regulatory Update

COSIT CONSULTATION RESPONSE 62/2017 The following are comments to the effects of COSIT Consultation Response No. 62, published on 20 January 2017, which the General Office to Coordinate Taxation (“COSIT”) of the Brazilian Federal Revenue Service (“RFB”) expressed its position on the tax regime applicable to reinsurance companies operating in Brazil. Portuguese language is below.… Continue Reading

Insurance Update: Brazil Federal Regional Court

BRAZILIAN FEDERAL REGIONAL COURT: IMPORTATION AND COFINS-IMPORTATION APPLIES TO (RE)INSURANCE BUSINESS By Campos Mello Advogados, an independent law firm in Brazil in Cooperation with DLA Piper   The Brazilian Federal Regional Court recently unanimously decided that insurance policies and reinsurance agreements are equivalent to rendering of services; therefore PIS-importation and COFINS-importation (PIS/COFINS-importation) applies to premiums … Continue Reading

New Bill Proposal – Public Offering of Hotel Units || Projeto Regulador de Oferta Pública de Projetos Hoteleiros

 Analysis by Campos Mello Advogados in Brazil (in cooperation with DLA Piper) For more information, please contact Lynn Cadwalader (US). The Brazilian Securities Exchange Commission (Comissão de Valores Mobiliários – CVM) has submitted for public comment a proposal for a new ruling (Instrução Normativa) (the CVM Bill) − aiming to regulate the public offering of hotel-related … Continue Reading

Public Consultation RFB No. 011/2016 – BEPS’ Country-by-Country Report

By Alex Jorge, tax partner, and Marcelo Siqueira, senior tax associate, of Campos Mello Advogados in Brazil (in cooperation with DLA Piper) On November 7, 2016, the Brazilian Federal Revenue (“RFB”) released the draft of a proposed Normative Rule (Public Consultation RFB No. 11/2016 – click here) regulating the implementation of Country-by-Country Report (“CbC Report”) … Continue Reading

Brazil: Supreme Court suspends acquisition of rural land in São Paulo by Brazilian companies controlled by foreign entities

The Brazilian Supreme Court recently suspended the permission granted by Normative Opinion No. 461/12E, issued by the General Internal Affairs of State of São Paulo (Corregedoria-Geral de Justiça de São Paulo) in December 2012, which had recently permitted the acquisition of rural properties in the State of São Paulo by Brazilian companies controlled by foreign … Continue Reading
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