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Many of our clients are aware of the need to declare assets abroad to the Federal Revenue Service (RFB) through the annual tax return.
[See the full article at How to declare assets abroad: 3 main mistakes and fines] -
Excellent article! Congratulations. My son is already living abroad and is going to do the documents, but I have a question: he is selling his property in Brazil and would like to receive it in his account in Portugal. Legally and IR-wise, is it possible to do this directly or will he have to receive it in Brazil and then transfer it? Thanks 😊
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Hello Vinicius, thank you for sharing your knowledge. I have the following doubt: in a few months I will go to Portugal to work for a company there, from what I have been reading I prefer to stay with double tax residency, because I have a mortgage to pay, so I will still need to declare income tax in Brazil, but how to declare a source of payment from abroad? How do I declare my salary, which will be in euros, in my income tax? Thank you.
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Excellent article. Very useful information at the right time. Are the criteria for declaring assets (acquisition cost or market value) in the DCBE the same as those used in the DAA? For example, stocks, real estate, vehicles, stock funds, real estate funds at acquisition cost and fixed income funds, multimarket funds, balances in interest-bearing accounts at market value? Thanks, Guilherme
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Hello, Ruth!
Thank you for your interest in our content. Normally, income from abroad is reported on the "carnê leão" form, taxed at up to 27.5%. There is a specific rule on how to convert the amounts in euros to reais, including to convert the tax paid abroad and allow it to be offset in Brazil. On how to make this conversion, I deal with the subject in this text.
There are specific situations in which I argue that the agreement between Brazil and Portugal to avoid double taxation rules out Brazilian taxation in specific situations of double tax residence. This is a much more complex issue, and it would be more appropriate to deal with it in a consultation, to find out whether or not it will become applicable to you.
I hope I've helped. If you need our support, just contact us at WhatsApp or by e-mail contato@tersi.adv.br!
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Hello, Guilherme!
Thank you for your interest. No, they are two different declarations, with data entered in different ways. The declaration to the Central Bank is made in the original currency (be it USD, EUR or whatever), and is usually at market value. For each type of asset, specific information is requested, which may or may not be detailed. The Central Bank's aim is to compile statistics to assist economic policy, not to collect taxes.
I hope I've helped. If you need our support, just contact us at WhatsApp or by e-mail contato@tersi.adv.br!
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Hello,
I've read several posts on your site, very informative, congratulations!
I have a question about CBE. I financed a property abroad that cost a little over 1 million dollars, however I did the financing together with my husband, we each have 50% of the property. We put down 20% and financed the rest. In this case, as we bought the property together and we each have 50%, do we still have to do the CBE? If so, would it only be one in the name of one of the two?
Do we have to split the amount in half in the tax return, since we don't file the return together? And does the financing part come under debts and encumbrances or do I just put the asset?
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Hello, Diana!
Your question about the CBE is interesting, thank you for asking it. The DCBE has a different logic to the income tax return. Each of you has to report the assets you own, regardless of the marriage regime. If you and your husband bought the property together, then you would each report 50% of the property. If the property is in the name of only one member of the couple, only that person declares. In the case of a financed property, the total value of the property applies, with an indication of how much was financed.
Regarding whether you are obliged when you are 50% each, the CBE Declarant Manual, page 8, states that:
"ATTENTION: The mandatory criterion for declaring assets in condominium (such as demand and term deposits or real estate) in the declaration of Brazilian Capital Abroad (CBE) takes into account the full value of the asset, not the individual quota of each holder, as provided for in § 4 of art. 2 of Resolution 3.(...) Thus, if the full value of the asset exceeds the limits stipulated in the caput and/or in §1 of art. 2 of Resolution 3.854, of 2010, all holders are obliged to provide the CBE declaration, in accordance with the periodicity determined by the regulations, even holders whose quotas do not reach these limits. Please note that each holder must only declare the value of their quota. Also
in the case of spouses, each must declare their share, regardless of the marriage regime or the information provided to the IRS."So, in your case, it's possible to say that yes, you are both obliged to file the DCBE, each informing 50% of the property.
I hope I've helped. If you need our support, just contact us at WhatsApp or by e-mail contato@tersi.adv.br!
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Hello, Dr. Vinícius.
Your articles on the taxation of investments abroad are always the most enlightening on the internet.
However, I still don't know how to declare the BB Americas E-money account (interest paid monthly). I imagine it should be declared as an investment (I filled it in as group 4, code 99). However, I'm not sure how to calculate the amount in reais, since the balance on December 31st will be the amount of dollars I deposited throughout the year (originating from an account in Brazil) plus the interest paid over the months. Nor do I know how to pay the IR on the interest credited - but not withdrawn - from the interest-bearing account; as I understand it, the payment is by GCAP, but BB Americas sends an infome with no monthly breakdown.
Thank you. -
A really good read, congratulations on the article! I have a question, I own shares traded on the NY stock exchange of American companies, the total value of the shares does not even come close to the value of US$1.000.000,00, however I did some other readings that gave me the understanding that I should consider the equity value of the companies and not the value that I have of shares, so I would be obliged to do the DCBE, since the companies that I own the shares exceed the stipulated value of net equity ... is this true?
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Hello, if I work remotely from Brazil for an American company, receive my salary in dollars in an account there in the USA, and spend it here with the international card from this account, what kind of declarations do I need to make? And if I don't declare it, can the tax authorities find out about these transactions, given that the account is there? Is there any kind of link between the IRS and US banks? And what penalties apply in this case? Thank you for your help.
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Hello, Junior! Thank you for your interest.
I can't give you concrete recommendations in a blog post, as the subject is complex and I don't have all the necessary data.
In general terms, Brazil has international collaboration and information exchange agreements, including with the United States of America, so that the cross-checking of bank account information has been a reality since 2014. The use of this information in fine mesh is apparently not yet done in Brazil, although it is a matter of technological implementation.
If you are a tax resident in Brazil and receive income from the USA, as a general rule you must report it on your tax return (up to 27.5%), and you can offset the federal income tax already paid in the USA in Brazil. If you have assets of more than USD 1 million abroad, you are also required to file a declaration of Brazilian capital abroad.
I hope I've helped. If you need our support, just contact us atWhatsApp or by e-mail contato@tersi.adv.br!
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Congratulations on the excellent content and thank you for sharing your knowledge!
I'm moving to another country and I'm going to file my final tax return. I'm in doubt as to whether or not I should put my property up for sale, because I checked the website and found out that I couldn't deduct the major renovation I did as soon as I bought the property in 2011. I have updated the value of the property in all my tax returns to date with the value of the renovation in addition to the deduction for financing costs. Please could you confirm the correct calculation of the capital gain on the sale of this property of mine for Darf calculation? Would the capital gain be sale value - purchase value (deducting only brokerage fees) * 15%, or could it be sale value - property value from the last tax return * 15%? Thank you very much for your attention. -
Hello, very good article.
I have a question. In the company I work for, we have Accounts Receivable from Abroad and Accounts Payable to suppliers. We were told that the CBE was only necessary to declare amounts in offshore accounts, so we always closed the months with a low value in the accounts, always using the amount within the month, and so we only declared the CBE when the balance was higher.
However, we were told that export accounts receivable with a base date of December 31st and an overdue period of more than 29 days must also be declared.And if so, on the declaration, would we have to declare the total amount (the sum of all the clients with overdue accounts) or the amount of each client's outstanding receivable?
Would it be the same for Adtos at a supplier?And would the minimum values be the sum of all the fields, or for each item (offshore, AR receivable, Adto supplier), each with its own minimum value that must be declared?
Thank you in advance
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Hello, Vinicius!
Thank you very much for the clarifications made in the article. But I still have a question about the CBE.How should I (if at all) declare a vehicle (a gasoline car) that I bought in 2022 on the 2023 CBE?
I haven't found any specific code for motor vehicles that I can use in the Description or Consolidated Assets field.
Thank you if you can guide me and congratulations on the article.
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