On July 30, 2020, National Monetary Council (“CMN”) Resolution No. 4,841/2020 was approved, amending Article 2 of CMN Resolution No. 3,854/2020, as amended, to determine that the declaration of Brazilian Capital Abroad (“DCBE”) that shall be provided annually will only be required when the declarant’s goods and assets abroad totalizes at least USS 1 million, on the base date of December 31 of each year.
Considering that the minimum amount of the goods and assets abroad requiring the presentation of DCBE was until now of US$ 100 thousand, it is expected that such measure substantially reduces the number of declarants of the annual DCBE, eliminating, therefore, the related costs for the declarants who became released from such obligation.
According to information available on the website of the Brazilian Central Bank (“BACEN”), besides such measure reduces costs for society, it also aims to improve the quality of statistics, which is the main objective of the DCBE, being registered that Brazilian Government has other databases with information on assets abroad, being highlighted that the integrality of the goods and assets of companies and persons must be declared to the Brazilian Internal Revenue Service.
The new rule will be effective as from September 1, 2020, and did not change the rules regarding quarterly DCBE.