VDP Brazil II
After the first voluntary disclosure program in Brazil, which has ended on October 31, 2016, the Senate approved on November 9, 2016 a second voluntary program. The draft has not yet been approved by the Chamber of Deputies.
Basis of RERCT N°2 is the recent temporary program. It reopens February 1, 2017. The deadline is set 120 days after the opening (June 30, 2017). The decisive day for the value of the assets is June 30, 2016. The taxes are set at 17.5% and a penalty of 100% of the taxes has to be paid. The total costs of the regularization are 35% of the assets value on June 30, 2016. This is a higher rate than the 30%-rate of the first voluntary disclosure program in 2016.