On 22 July 2015, Brazil published Provisional Measure (PM) 685 2015 in the Official Gazette. PM 685 introduces a new requirement that corporate taxpayers disclose tax-planning schemes, and establishes the Program for Reduction of Tax Litigation (PRORELIT), a special program to resolve tax disputes.
Reporting Requirement
With the new tax-planning scheme reporting requirement, taxpayers must disclose any transactions in the previous year that resulted in the elimination, reduction, or deferra…