Brazil Tax, Law and Business Briefing - Newly Revised Sixth Edition
WorldTrade Executive In, March 2012, Pages: 293
Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, has published a Sixth Edition of its special corporate report, Brazil Tax, Law and Business Briefing through its WorldTrade Executive (WTE) brand, a Tax and Accounting Business.
The Report provides key legal and tax considerations for investors as they evaluate possible transactions in Brazil, such as acquiring or launching a business or entering into a joint venture or strategic alliance. Contributors to the Report include senior experts at major accounting and law firms in the region.
“Brazil’s regulations on worldwide income taxation, transfer pricing and, more recently, thin capitalization rules provide challenges for businesses operating in the region, according to the Report,” said Gary Brown, Senior Director at WTE/Thomson Reuters. “The Report illuminates the nuances of Brazil’s tax code based on the insights of advisors who understand them.”
Coverage includes:
- Summary of Brazil’s thin capitalization rules
- How to deal with tax audits and tax litigation
- Brazil’s anti-avoidance rules
- A new list of tax havens issued by the Brazilian Tax Authorities
- Planning opportunities using treaties.
- Transfer pricing in Brazil
- Developments in M&A transactions
- A preliminary guide to incorporating in Brazil
- Minority shareholding and antitrust law
- Environmental liability challenges in the Brazilian oil & gas market
- VAT planning
I. INTRODUCTION
What Are the Key Considerations for Executing Transactions in Brazil?
By Carlos R. Asciutti (Ernst & Young)
Brazil is Ripe With New Drivers for Growth
By Carlos R. Asciutti (Ernst & Young)
II. TAX ISSUES
A. THIN CAPITALIZATION RULES
Brazil Consolidates Thin Capitalization Rules
By Renato Henrique Caumo (Pinheiro Neto Advogados)
Summary of Brazil Thin Capitalization Rules
By Carlos Montemayor, Adriana Rodriguez, Fernanda Amaral and Cesar Dondiego (PricewaterhouseCoopers Mexico)
Brazil Thin Capitalization Rules Clarified
By Simone Dias Musa and Luciana Nobrega e Silva Loureiro (Trench, Rossi e Watanabe Advogados, associated with Baker & McKenzie)
B. ECONOMIC SUBSTANCE
A Review of the Economic Substance Doctrine in Latin America
By Roberto Cores, Osiel Gonzalez, Terri Grosselin, Jorge Libreros, Alaska Moscato, Martha Roca, Gustavo Scravaglieri, Romero Tavares, Andres Valle and Ximena Zuluaga (Ernst & Young)
Tax Authorities Push For Regulation of Brazilian Anti-Avoidance Rule
By Renato Henrique Caumo (Pinheiro Neto Advogados)
C. AUDITS AND TAX ADMINISTRATION
Dealing with Tax Audits and Tax Litigation in Brazil
By Paulo R. Sehn and Marcos V. Prado (Trench, Rossi e Watanabe Advogados)
Companies Focus on FIN 48 and Other Regional Issues: Exclusive Interview with Robert Frable of Archer Daniels Midland Company and Marc Lewis of Sony
Interview Conducted By John Salerno (PricewaterhouseCoopers LLP) with Gary Brown and Scott Studebaker (STRATEGIES)
Brazilian Legislation Proposes to Allow Administrative Settlement of Tax Disputes
By Donald L. Korb, James R. Gadwood (Sullivan & Cromwell LLP) and Jason Gross
Brazilian Supreme Court Clarifies Timing Rules for Tax Refund Claims
By Luiz Roberto Peroba Barbosa, William Roberto Crestani and Bruno Matos Ventura (Pinheiro Neto Advogados)
Brazilian Administrative Court Rules in Favor of Taxpayer on Third Party Freight and Insurance Services Fees
By Cristina Medeiros, Graziela Batista, Matias Pedevilla and Marcel Macedo (PwC)
Tax Refund Offsetting: Focal Points for Taxpayers
By Luiz Roberto Peroba Barbosa and Bruno Matos Ventura (Pinheiro Neto Advogados)
D. TAX HAVENS
The New List of Tax Havens Issued by the Brazilian Tax Authorities – Improvement or Not?
By Geraldo Valentim Neto (Companhia Siderúrgica Nacional)
Alternatives to United States Limited Liability Companies on the Brazilian “Tax Blacklist”
By Andrew Walker and Tobias Stirnberg (Milbank, Tweed, Hadley & McCloy LLP)
E. INCENTIVES
Brazilian Companies Complain of States Offering Tax Breaks for Imports
By Edwin Taylor
Tax Incentives Keep the Ball Rolling in ’14 World Cup
By Renato Henrique Caumo (Pinheiro Neto Advogados)
Brazil Launches Tax Package To Create Long-Term Financing for Infrastructure; Other News
By Edwin Taylor
Recent Supreme Court Rulings Rekindle Discussions Over the Legal Certainty of State Tax Incentives in Brazil
By Luiz Roberto Peroba Barbosa and Bruno Matos Ventura (Pinheiro Neto Advogados)
Brazil Creates an Audacious Industrial Development Package Through Tax and Financial Incentives
By Luiz Roberto Peroba Barbosa and Bruno Matos Ventura (Pinheiro Neto Advogados)
Brazilian Tax Incentives Related to Scientific and Technological Research and Innovation Are at Risk of Being Questioned
By Luiz Roberto Peroba and Ana Carolina Carpinetti (Pinheiro Neto Advogados)
Law N. 12,431 – Income Tax Incentives for the Raising of Funds to be Applied on Investment Projects, Infrastructure, Intensive Economical Production and on Research, Development and Innovation
By Andrea Bazzo Lauletta, Alessandro Amadeu da Fonseca, Antonio Carlos Marchetti Guzman, Luiz Felipe Centeno Ferraz,Flavio Mifano, and Roberto Quiroga Mosquera (Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados)
Brazilian Taxpayers May Be Held Liable for Unlawful Tax Benefits
By Renato Henrique Caumo (Pinheiro Neto Advogados)
New Horizons for the ICMS “Fiscal War”
By Sergio Fontenelle and Gabriel Martins (Ernst & Young Terco)
F. RECENT DEVELOPMENTS
Amended Rules for Taxation of Exchange Variations
By Renato Henrique Caumo (Pinheiro Neto Advogados)
New Rules for Taxation of Cosmetics and Pharmaceutical Products in Brazil
By Renato Henrique Caumo (Pinheiro Neto Advogados)
Brazil’s Supreme Court Rules Firms Must Pay CSLL Tax on Profits from Exports
By Edwin Taylor
New “IOF” Tax Rates on Certain Foreign Currency Exchange Transactions
By John Salerno and Eduardo Pupo (PricewaterhouseCoopers LLP)
Brazil Unveils Tax Package in March
By Edwin Taylor
Brazil Ups Tax on Foreign Borrowing to Cap Inflows
By Reuters
Additional Changes to Brazilian “IOF” Tax Rates on Certain Foreign Currency Exchange Transactions
By John Salerno and Eduardo Pupo (PwC)
Brazilian Government Discusses Proposal for Tax Reform
By Edwin Taylor
Brazilian Tax Authorities Confirm That Royalties Remitted Abroad Shall Not Be Taxed by PIS and COFINS
By Geraldo Valentim Neto and Marina Castro de Abreu (Companhia Siderúrgica Nacional)
REFIS da Crise – The Largest Brazilian Tax Amnesty Program is Still Fraught With Uncertainties
By Luiz Roberto Peroba Barbosa and Bruno Matos Ventura (Pinheiro Neto Advogados)
Derivatives Transactions – New Regulatory and Tax Rules
By Andrea Bazzo Lauletta, Flavio Mifano, Roberto Quiroga Mosquera, José Eduardo Carneiro Queiroz, Marina Anselmo Schneider, and Marina Procknor Mosquera (Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados)
Stock Option Plans Being Offered to Employees by Employers is a Hot Topic in Brazil
By Fabio Medeiros (Machado Associados)
G. CORPORATE ORGANIZATION
New Rules for Tax Liabilities in Brazilian Joint Ventures
By Renato Henrique Caumo (Pinheiro Neto Advogados)
Reverse Merger Tax Issues After STJ Precedent and its Implications in Corporate Reorganizations
By Leonardo Freitas de Moraes e Castro (L.O. Baptista Advogados)
Brazil: Tax Losses on Reverse Mergers
By Leonardo Homsy and Isabel Marques da Cunha (Campos Mello Advogados – in cooperation with DLA Piper LLC)
New Rules for Tax Liabilities in Brazilian Joint Ventures
By Renato Henrique Caumo (Pinheiro Neto Advogados)
Brazilian Revenue Service Reaffirms Position On Cost Sharing Structures
By Renato Henrique Caumo (Pinheiro Neto Advogados)
Brazilian Authorities Authorize Use of 2010 Currency Appreciation Factor for the Profitability Safe Harbor
By Cristina Medeiros (PwC)
Brazilian EIRELI: A New Corporate Structure For Incorporating in Brazil That Provides Protection of Quotaholder’s Holdings From Company’s Liabilities
By Rachel Martins Rennó (Martinelli Advocacia Empresarial)
H. VAT AND INDIRECT TAXES
VAT Planning in Brazil and Latin America
By Leopoldo J Martinez and Carlos Contasti (LMN Consulting LLC)
Indirect Tax Planning on Capital Investments in Brazil
By Sergio Fontenelle and Ian Craig (Ernst & Young Terco Assessoria Empresarial Limitada)
III. REGULATORY ISSUES
A. ANTITRUST
Public Antitrust Enforcement and the Cease and Desist Commitment in Brazil
By Bruno D. Werneck and Gustavo Flausino Coelho (Tauil & Chequer Advogados in association with Mayer Brown LLP)
Minority Shareholding and Antitrust Law in Brazil
By Bruno Werneck and Gustavo Coelho (Tauil & Chequer Advogados in association with Mayer Brown LLP)
Leniency and the Brazilian Antitrust Enforcement
By Bruno D. Werneck and Gustavo Flausino Coelho (Tauil & Chequer Advogados in association with Mayer Brown LLP)
Competition Law Reform in Brazil: Implications for Merger Control
By Joseph F. Winterscheid, Martina Maier, Andrea L. Hamilton and David Henry (McDermott Will & Emery)
B. CORPORATE ORGANIZATION
A Preliminary Guide to Incorporating in Brazil
By Ana Beatriz Nunes Barbosa (Denis Borges Barbosa Advogados)
Rights and Obligations for Foreign Officers of Brazilian Companies
By Breno Torquato, Eleonora Quadros and Rachel Martins (Azevedo Sette Advogados)
C. ENVIRONMENTAL
Brazil Introduces New Policy Outlining “Shared Responsibility” for Reduction and Proper Disposal of Solid Waste
By Rodrigo Pupo (White & Case LLP)
Environmental Liability Challenges in the Brazilian Oil and Gas Market after Deepwater Horizon
By Evan M. Koster and Terence Trennepohl (Dewey & LeBoeuf LLP)
São Paulo State Approves Rules Governing Payment for Environmental Services
By Roberto de Pádua Cosini (Miguel Neto Advogados Associados)
D. FRANCHISE
Franchise Agreements
By Luciana Valera Menegatti (Miguel Neto Advogados Associados)
E. LABOR
Alternative to Avoid Layoffs
By Julio Cesar de Almeida and Welton Guerra dos Santos (Miguel Neto Advogados Associados)
Investment in Company Employees’ Training and Related Labor Legal Issues Investment in Company Employees’ Training and Related Labor Legal Issues
By Rodrigo Baldo de Carvalho (Miguel Neto Advogados Associados)
F. RECENT DEVELOPMENTS
The Use in Brazil of Foreign Contractors’ International Experiences
By Lucas Martins Magalhães da Rocha (Azevedo Sette Advogados)
International Bond Offerings by Brazilian Issuers
By Steven Sandretto (Milbank, Tweed, Hadley & McCloy LLP)
New Rules for Brazilian Visas Granted to Foreign Officers and Retirees
By Ana Paula Terra Caldeira (Azevedo Sette Advogados)
Brazil Launches “Bigger Brazil” Plan Focusing on Innovation, Investment and Foreign Trade
By Justin S. Miller (White & Case LLP)
Brazil Establishes New System for Temporary Imports
By Éverson Ferraz Ascencio and Ewerton Moreno (Ernst & Young Terco)
Reflections on the New Mining Regulatory Framework in Brazil
By Liliam Yoshikawa and Flavia Möller David de Araujo (Machado, Meyer, Sendacz e Opice Advogados)
G. LEASING RURAL PROPERTIES
Restrictions to Acquisition and Leasing of Rural Properties in Brazil
By Thiago Assumpção Henriques and Bernardo Barbosa Pimentel Pessoa (Azevedo Sette Advogados)
Acquisition By Foreigners of Rural Lands in Brazil
By Ana Beatriz Nunes Barbosa and Livia Barboza Maia (Denis Borges Barbosa Advogados)
H. MERGERS & ACQUISITIONS
Determining Holdbacks in Brazilian M&A Deals – A Practical View
By Rodrigo Menezes (Derraik Advogados)
IV. BUSINESS CLIMATE AND SECTORS
A. BUSINESS CLIMATE
Rio Digs Deep to Host the World
By Mike Fitzgerald (Milbank, Tweed, Hadley & McCloy LLP)
A World of Possibility: Brazil Hotel Investment Opportunities
By Rogerio Basso (Ernst & Young LLP)
Restrictions to Acquisition and Leasing of Rural Properties in Brazil
By Thiago Assumpção Henriques and Bernardo Barbosa Pimentel Pessoa (Azevedo Sette Advogados)
Investors to Remain Onboard with the Production Sharing Model
By Vanessa Christina Lacerda and Carlota Berault Moreira (Miguel Neto Advogados Associados)
Brazil is Ripe With New Drivers for Growth
By Carlos R. Asciutti (Ernst & Young)
Brazilian Reinsurance: A Swinging Door
By Louis S. Mercedes and Stephen Ixer (Edwards Angell Palmer & Dodge LLP)
B. FINANCE
Brazil Adopts A New Law Authorizing Credit Reporting Registries and Credit Reports: Has the Time for Cross-border Consumer Structured Finance Finally Arrived to Brazil?
By Daniel S Pastore (Dewey & LeBoeuf LLP)
Using Securitization Techniques to Finance Oil and Gas Contractors in Brazil
By Evan Koster (Dewey & LeBoeuf LLP)
Global Rights Offerings – A Tendency in the Brazilian Capital Markets and M&A Transaction
By Tobias Stirnberg (Milbank)
C. TRADE
Brazil Consolidates Foreign Trade Legislation
By Justin S. Miller (White & Case LLP)
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