Deadlines for submission of the Report on Brazilian Funds Located Overseas and for the annual approval of the accounts for the financial year of 2012.

  • 22 March, 2013 - News

Deadlines for submission of the Report on Brazilian Funds Located Overseas and for the annual approval of the accounts for the financial year of 2012.

(Bárbara Rodrigues de Macedo – Corporate Team)

The Report on Brazilian Funds Located Overseas (CBE – Capitais Brasileiros no Exterior) is mandatory for the residents in the country owners of property and values abroad and aims at collecting statistical information about the Brazilian assets abroad. The Central Bank of Brazil publishes statistics from the information contained in the CBE but always in an aggregated form preserving the confidentiality of individual information.
On 15 February 15 2013, the Central Bank initiated the process of identifying the asset of Brazilian residents abroad with base year 2012. The report is made by filling out an electronic form available on the website of the Central Bank and must include, inter alia, information on deposits, currency loans, financing, leases and other investments.
Individuals or entities resident, domiciled or headquartered in Brazil, holding values of any kind equivalent to U.S. $ 100,000.00 (one hundred thousand U.S. dollars), on the base date of 31 December 31 2012, should fill in the Annual CBE Report and hand it in from 15 February to 5 April 2013.
Holders of values equivalent to U.S. $ 100,000,000.00 (one hundred million U.S. dollars) on base dates of 31 March, 30 June and 30 September 2013 must complete the CBE Quarterly Report and hand it in according to the following schedule:

  1. a) a quarterly report regarding the base date of 31 March should be submitted during the period from 30 April to 6:00 p.m. on 5 June 2013;
    b) a quarterly report regarding the base date of 30 June should be submitted during the period from 31 July to 6:00 pm on 5 September 2013;
    c) a quarterly report regarding the base date of 30 September should be submitted during the period from 31 October and 6:00 pm on5 December 2013.

Once the CBE Report is submitted, the supporting documentation of the information provided should be maintained for a period of five years from the base date of the Report for presentation to the Central Bank of Brazil when requested. The provision of false, incomplete or inaccurate information to the Central Bank of Brazil shall subject the violator to the penalties regulated by CMN Resolution No. 3854 of 27 May 2010.

Approval of Annual Accounts

Also the period for the approval of the financial statements of the financial year of 2012 is already under way regarding companies which have the financial year ending on 31December. This period ends on 30 April 2013.
According to current legislation, the partners or shareholders shall meet annually in Assembly to, among other deliberations, approve the management accounts, decide on the financial statements, appoint administrators and members of the Board of Auditors, if applicable, and address any other issues that may deem necessary.
The Corporate Team of Chenut Oliveira Santiago – Sociedade de Advogados is available to assist you both in the submission of the CBE Report and in drafting and arrangements for publication and registration of the Minute of Approval of Accounts, as well as to provide any clarification on the matter.

Chenut Oliveira Santiago Sociedade de Advogados