Brazilian Government launches system to monitor cross-border transactions involving services and intangibles - SISCOSERV

Tax Controversy & Dispute Resolution ()

"After a long period of expectation the Brazilian Government launched the SISCOSERV system.

Issued on June, 2012, Normative Instruction (""IN"") 1277 established the requirement for taxpayers to provide information with respect to transactions with non-residents involving services, intangibles and other operations that may result in a change in net worth. Such transactions must be declared in the Integrated System of Foreign Service Trade - SISCOSERV, which will consolidate valuable data that can be used by the different authorities in Brazil to define public policies and management mechanisms to support Brazilian exports of services and intangibles."