Brazil's Provisional Measure No. 627/13 was converted into Law 12,973/14 on 13 May 2014. MP 627 was enacted 12 November 2013 and included numerous changes for Brazilian taxpayers. For the most part, the changes introduced in MP 627 remain intact under the new Law and the new rules generally apply from 1 January 2015.
The following provides an overview of the main changes.
Transition Tax Regime Repealed
Under the new law, Brazil's Transition Tax Regime is repealed. Taxpayers are allowed …