Brazilian Federal Revenue Service does not authorize a currency exchange adjustment for exports for fiscal year 2012 — Safe Harbour rule is confirmed

Tax Insights ()

On January 18, 2013 the Brazilian Federal Revenue Department issued Normative Instruction (NI) 1321/13, in which determine that no currency exchange adjustment is allowed for companies exporting products to increase their export revenues for transfer pricing purposes for fiscal year 2012.

On the same date, another Normative Instructions was issued (NI 1322/13), confirming that the rules allowing the 5% net income relief of proof for exports remained unaltered for fiscal year 2012.