Brazil’s authorities launches debt renegotiation program for tax disputes By Reuters

BRASILIA (Reuters) – The Brazilian authorities introduced on Tuesday a debt renegotiation program for debtors owing it 150 billion reais ($29.9 billion) in authorized disputes and controversies over tax funds.

This system will grant a reduction of as much as 50% over the principal quantity, other than positive, curiosity and different costs. Funds will probably be made in installments over 5 years. The deadline for renegotiation will probably be July 29.

The Economic system Ministry didn’t undertaking how the transfer may enhance tax revenues within the quick time period nor the quantity of tax it can waive, noting that it’s unimaginable to make this estimate as a result of adhesion to this system by taxpayers is voluntary.

To be entitled to the advantages, taxpayers should confess they’re debtors and quit additional questioning of disputed quantities.

“Typically an affordable settlement is healthier than successful or dropping every little thing,” mentioned Moises Pereira, common coordinator of tax administrative litigation, who added that this system is predicated on a brand new perspective of conciliation.

($1 = 5.0190 reais)

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