Government Clears Hurdle as Brazil Accepts Repatriation Bill
- House vote was 230 versus 213; proposal now goes to the Senate
- Money can be kept abroad after being reported to tax agency
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Brazilian lawmakers approved legislation that may boost fiscal revenue by providing incentives for citizens to repatriate fortunes, handing the government a win in its push to shore up the nation’s finances.
The bill allows Brazilians to bring money back into the country by paying a fee while averting tax-evasion charges. The measure is part of Finance Minister Joaquim Levy’s program of tax increases and spending cuts that is designed to narrow the budget deficit. The legislation passed by 230 votes to 213.