According to Circular No. 3,181, of March 6, 2003, individuals or legal entities that are resident, domiciled or headquartered in Brazil (as defined by tax law) shall declare to the Central Bank of Brazil the amounts of assets of any nature, currency, property and rights kept outside Brazil, in a total amount equal to or in excess of R$300,000 on December 31, 2002, by means of a statement available on the Central Bank´s website (www.bcb.gov.br), in accordance with the instructions set out in the Taxpayer´s Manual, available on the same website.

Rendering false, incomplete or incorrect information, or after the expiration of the term or in disagreement with the conditions set forth in the rules in force shall subject infractors to penalties as per applicable regulation.

Sources:   Banking department, Machado, Meyer, Sendacz e Opic
Date of insertion:   21/05/2003 - 16:07:20