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Brazil warns tax amnesty will soon close

Brazil warns tax amnesty will soon close

BRASILIA: Brazil has said individuals and legal entities have until August 31, 2017, to agree to pay tax debts to avail themselves of reduced penalties and interest charges.

The tax agency said that taxpayers must pay the first instalment of their debt by that date.

The amnesty was launched in June and covers unpaid tax due up to April 30, 2017.

Under the initiative, late-payment interest charges will be reduced by between 50 percent and 90 percent and fines will be cut by 25 percent to 50 percent, depending on how quickly taxpayers pay off the outstanding tax debt.