The compulsory Brazilian Capitals Abroad annual declaration (CBE ANNUAL) was closed on April 5. Apparently, this is not the end of other declaration because the quarterly statements ought to be submitted throughout the year. Non-submission of the CBE reports on the due dates or inclusion of errors, false or incomplete information in the declaration may lead to the imposition of about R $ 250,000 of fine. Ricardo Tosto has taken the initiative provide more information about these declarations there is a high financial risk if one fails to submit them and learn more about Ricardo.
Ricardo Tosto is a lawyer, and he says that all the declarations have to be submitted online through the CBE online declaration form. The annual CBE and quarterly CBE forms are available on Central Bank of Brazil’s website; www.bcb.gov.br. The annual CBE is compulsory for all resident, domiciled or headquartered in any part of Brazil. Also, any person who holds foreign assets of any kind and is worth an amount equal to or greater than the equivalent of $100,000 by the end of the year is also liable to submit the statements. Ricardo Tosto also says that quarterly CBE should be submitted by individuals and entities who fall under the same criteria of annual CBE except that the total amount of assets considered is $100 million instead of $100,000 and more information click here.
Some of the assets that are held abroad and that require submission to the Central Bank of Brazil include:
- Total deposits in abroad current accounts,
- Loan in currency,
- Financial goods and services,
- Financial leasing,
- Direct investment in abroad companies, and
- Any financial derivative such as real estate investments
About Ricardo Tosto
Ricardo Tosto is a prominent lawyer in Brazil and is recognized for his great leadership and strategists skills in the legal industry. He began his career as a regular worker in a small law firm which he ended up accelerating into a big and renowned firm in the region. He later established his own law firm with two other partners, Leite Office, and the firm has grown hugely in Brazil serving different prominent people in different industries including politicians. He is a great pioneer in adopting high-profile legal mechanism in the Brazilian community. Tosto has a strong educational background acquired from Universidade Presbiteriana Mackenzie and Fundação Armando Álvares Penteado (FAAP) and Ricardo’s lacrosse camp.
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