BRAZIL: House Approves New Tax Regularization Program

(RTTNews) - The Brazilian House of Representatives has approved the Special Tax Regularization Program (Pert, also known as "new Refis"), which allows the payment of debts with the Union in installments, and at a discount. The bill was addressed to the Senate, reported the Brazilian lower house's official news agency.

The measure passed by the House allows the adhesion to the program by companies in judicial recovery and those listed in the so-called "Simples Nacional," a tax category that includes micro, small and medium-sized enterprises.

Debts of up to R$ 15 million (US$ 4.79 million) will have special conditions, with a lower initial payment and the possibility of using tax credits derived from losses.

The program also determines minimum installments of R$ 200 for individuals and R$ 1,000 for legal entities, corrected for the Selic rate (Brazilian basic interest rate) plus 1% in the month of amortization. Companies listed in the "Simples Nacional" would disburse R$ 400 in minimum installments. The measure also guarantees the same terms and discounts granted to larger companies.