LatinNews Daily - 04 August 2017

* The federal tax revenue department (Receita Federal) has announced that it has raised some R$1.6bn (US$500m) during the second phase of the tax amnesty programme offered to any Brazilian taxpayers holding undeclared assets abroad. According to the Receita Federal, 1,935 individuals (including 20 firms) took part in the second phase of the programme, under which they were allowed to pay lower taxes and a small fine to legalise and repatriate their assets. The participants agreed to regularise R$4.6bn (US$1.43bn) in assets. The amount of funds raised in the second phase of the amnesty programme is forty times lower than the R$50.9bn (US$15.9bn) raised during the first phase that concluded in October 2016 and much lower than the R$13bn (US$4bn) that the government had hoped to raise.

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