Proposal facilitates the use of Brazilian currency in international transactions (Credit: Arquivo/Agência Brasil )
On Wednesday (8), the Senate approved the bill that establishes a new legal framework for the foreign exchange market. Among other points, the proposal makes room for Brazilian banks and financial institutions to invest abroad resources raised in the country or abroad, in addition to facilitating the use of Brazilian currency in international transactions. Now the text is going to be sanctioned by the Presidency of the Republic.
+ Total foreign exchange flow in the year to December 3 is positive at $14,324 billion, says BC
According to the approved text, financial institutions authorized to operate by the Central Bank will be able to use this money to allocate, invest, finance or lend in national or foreign territory. The requirements and limits of regulations issued by the National Monetary Council (CMN) and the Central Bank must be observed. According to the government, this will help finance importers of Brazilian products.
According to Agência Senado, the rapporteur of the matter Carlos Viana stated in his opinion that the proposal seeks to reduce existing barriers that hinder exports and imports of goods and services, productive investments and the free movement of capital.
According to him, the objective of the project is to modernize the market, aligning regulation with the countries of the Organization for Economic Cooperation and Development (OECD), taking into account the following tripod: modernization, simplification (reduction of bureaucratic obstacles) and greater efficiency.
Check out the main changes
travelers
The approved text proposes, for travelers, the increase in the cash limit that each passenger can carry when leaving Brazil or entering it. Instead of the current R$ 10 thousand, it will be US$ 10 thousand or the equivalent in another currency.
Small value trades between individuals will also be allowed. However, the rapporteur lowered the limit for them from US$1,000 to US$500.
As a result, it will no longer be prohibited to buy or sell up to the equivalent of US$500 in any currency, with no need for identification and taxation if this occurs in an occasional and unprofessional manner. The measure is expected to boost the development of peer-to-peer platforms for foreign exchange trading, as seen in other countries.
foreign currency account
Although the matter is already regulated by the Central Bank, the bill reiterates that it is up to this regulatory authority who can hold a foreign currency account in Brazil and what the requirements are.
By opening up this possibility, in the future the autarchy will be able to authorize individuals to maintain accounts in dollars in Brazil.
For the rapporteur, the possibility that individuals and legal entities hold accounts in foreign currency brings the country closer to something common in developed economies, as well as in the main emerging economies.
Payment in foreign currency
The proposal expands the list of cases in which the payment in foreign currency of obligations due in the national territory will be allowed. Payments under leasing contracts made between Brazilian residents are now permitted if the funds are raised abroad.
In this situation and in the case of contracts and titles related to foreign trade or its guarantee and financing, payment in foreign currency will be released even when there is an assignment of credits or transfer or modification of obligations.
Another case explicitly included in the legislation refers to indirect export, which occurs when packaging producers, assemblers or input sellers supply these materials or services to the exporting company. Payments from external lines (with foreign money) of credit for the transactions of these entrepreneurs may be made in foreign currency.
The case of contracts between exporters and companies that explore infrastructure sectors, such as ports, is also included, either through authorization, concession, permit or lease.
The National Monetary Council may provide for other permitted situations if payment in foreign currency could reduce exchange risk or “increase the efficiency of the business”.
export money
The project allows exporters to use resources held abroad and originating from exports for a loan or loan agreement. Currently, the legislation allows the use in investments, financial investments or payment of the exporter’s own obligation.
Payment orders in reais
According to the government, the proposed changes are also intended to increase the acceptance of the real in other countries. One of the initiatives for this is the inclusion in the law of permission to receive payment orders from third parties abroad from accounts in reais held in Brazil through foreign banks.
The matter is already regulated by the Central Bank, but the bill determines that banks authorized to operate in the foreign exchange market, when carrying out this international banking correspondence in reais, must obtain information about the foreign bank to “fully understand the nature of its activity, its reputation and the quality of supervision to which it is subject”.
The intention is to send these banks the first level of control in the fight against money laundering and the financing of terrorism.
Remittances abroad
Companies that remit money abroad as profits, dividends, interest, royalty payments and other regulated purposes may do so without the need for registration with the Central Bank, as is currently the case. The only requirement becomes the payment of the tax.
The bill also revokes the prohibition on the remittance of royalties for the use of patents for inventions and trademarks of industry or trade between a branch or subsidiary of a company established in Brazil and its head office with headquarters abroad. This is currently prohibited by Law 4,131 of 1962.
See too
+ Horoscope: check today’s forecast for your sign
+ Video: Driver leaves Tesla car on autopilot and sleeps on SP highway
+ Food stamps: understand what changes with new rules for benefit
+ See which were the most stolen cars in SP in 2021
+ Expedition identifies giant squid responsible for ship wreck in 2011
+ Everything you need to know before buying a crockpot
+ Discovered in Armenia most eastern aqueduct of the Roman Empire
+ US Agency warns: never wash raw chicken meat
+ Passenger attacks and pulls out two stewardess teeth
+ Aloe gel in the drink: see the benefits
+ Lemon-squeezing trick becomes a craze on social media
+ Lake Superior: the best freshwater wave in the world?
#law #purchase #sale #dollars #individuals
source https://pledgetimes.com/new-law-allows-purchase-and-sale-of-dollars-by-individuals/
Disqus comments