The annual declaration of the Brazilian Capitals Abroad had its deadline on 5th April. But there are the quarterly statements too that are to be delivered through the year. In fact, the Central Bank of Brazil has made the non-delivery of CBEs on any of these stipulated dates. Besides, in the case of any error or any kind of incomplete or even false information, there can be a fine that can fetch a fine that can be around R $ 250,000.00. All this was disclosed by Ricardo Tosto. He is the founding partner of Milk, Tosto, and Barros, which is a law firm.
This is where Ricardo says that the declarations must be made available online. The declaration form is available on the Central Bank of Brazil’s site. This is www.bcb.gov.br. It is in the form of the Annual CBE as well as the Quarterly CBE. Ricardo at Facebook.
The annual one is mandatory for all those individuals as well as legal entities who are either resident or domiciled in Brazil. These may be holding assets of any kind. Ricardo Tosto further specifies these assets. They may be in the form of equity in any companies, or as fixed income securities. Other assets can be in the form of shares, or real estate, and so on. The total amount has to be equal to or even greater than one hundred thousand US dollars in any given year. Read Tosto’s Blog Here.
The second type of the declaration is the quarterly one. It has to be made by individuals who are resident or residing in the country. They may be holding assets in the country or abroad. Its amount has to be equal or greater than one hundred million US dollars. See Photos.
Ricardo Tosto specified the last dates for Quarterly CBEs as March 31, and June 30 along with September 30 each year. No specific CBE dates have been given for the fourth quarter.
Ricardo Tosto spoke about several other modalities to be followed as specified by the Brazilian Government. This includes any deposits that may have been made in current accounts abroad. Next can be any loans that may have been taken.