The final deadline for submitting the Annual Declaration of Brazilian Capital Abroad (CBE), for the year 2020, ends today, the 5th, at 6 p.m. The Central Bank (BC) receives the declarations, every year, from February 15 to April 5.
The declaration is mandatory for individuals or legal entities resident, domiciled, or headquartered in the country, that held abroad, as of December 31, 2020, assets with a value equal to or greater than US$ 1 million.
Until last year, the assets to be declared started from US$ 100 thousand, but the limit was changed by the National Monetary Council (CMN).
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The completion of the Annual CBE is carried out through the electronic system available on the Central Bank’s page on the internet. Among the capital to be declared are, for example, goods, rights, financial instruments, holdings in foreign currencies, deposits, real estate, holdings in companies, shares, securities, and commercial credits.
According to the BC, the CBE contributes to assessing the degree of internationalization of the Brazilian economy. In 2019, the assets of Brazilian companies and individuals abroad reached US$ 529.221 billion.
Those who do not make the declaration, are late in submitting it, or provide false or incorrect information are subject to a fine imposed by the BC, which ranges from R$ 2.5 thousand to R$ 250 thousand, and may be increased by 50% in some cases.
Those who hold foreign assets starting from R$ 100 million must also declare this wealth every three months, completing the Quarterly CBE, referring to March 31, June 30, and September 30 of each base year.
More information and assistance on completing the CBE declaration are available in the Declarant’s Manual.
Source: Agência Brasil
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