Foreign companies must inform their final beneficiary to the Brazilian Federal Revenue
The deadline for the delivery of the final beneficiary declaration is approaching and foreign companies enrolled in the National Registry of Legal Entity (CNPJ) have until December 31st, 2018, to inform the Brazilian Federal Revenue (RFB) its chain of equity interest up to the natural person who, directly or indirectly, holds, controls or significantly influences the entity.
Foreign companies enrolled in the CNPJ, that hold corporate interest in Brazil or rights over real estate, vehicle, vessels, aircraft, bank accounts and investments in the capital or stock market, must verify if they are subject to such obligation, in order to gather all the necessary documentation, once that, if they fail to meet the mentioned deadline, they may have their CNPJ registry suspended and be prevented from carrying bank transactions, such as checking accounts, running financial applications and obtaining loans.
The appropriate documentation must be delivered to the RFB office by the entity’s legal representative in the country and the deadline to bring forward all the necessary documents may be extended up to 90 (ninety) days, on formal request to the RFB.
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