Brazil now requires information reporting for ‘ultimate beneficial owners’

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July 2016


The Brazilian tax authorities (RFB) on May 5, 2016, issued Normative Instruction (NI) No. 1,634/2016. This NI overhauls the guidance with respect to information reporting in the Brazilian Corporate Taxpayers Registry (CNPJ).

Among other changes, the NI requires the disclosure of information with respect to ‘ultimate beneficial owners.’ Such owners include individuals and certain entities that, directly or indirectly, hold, control, or ‘significantly influence’ an entity, as well as individuals and certain entities on whose behalf a transaction is undertaken.

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John A. Salerno

Latin American Tax Group, PwC US

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