On 13 September 2016, Brazil published Normative Instruction RFB No. 1658/2016 in the Official Gazette, which amends Normative Instruction RFB No. 1037/2010 (list of low tax jurisdictions and privileged tax regimes). The main amendments include:
Inclusion in the black list or grey list impacts several areas of Brazilian taxation, including withholding tax rates, the deductibility of expenses, thin capitalization rules, CFC rules and transfer pricing.
Click the following links for Normative Instruction RFB No. 1658/2016 and Normative Instruction RFB No. 1037/2010 as amended. The changes are effective from 1 August 2016.
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