Brazil has published Private Ruling No. 7018 of 21 March 2019 in the Official Gazette, which clarifies the calculation of shareholder interest on net equity (juros sobre o capital próprio - JCP). This includes that the calculation will take into account, exclusively, the following equity accounts: share capital, capital reserves, profit reservices, treasury shares, and accumulated losses. The Private Ruling also provides that the deductible portion of JCP for tax purposes is limited to the p…