foreign assets

According to Finance Minister, Henrique Meirelles, more than half of the amount will be used to pay outstanding commitments Budget

The Finance Minister, Henrique Meirelles, said on Tuesday (1) that the R $ 50.9 billion raised through regularization of foreign assets, through the so-called Law of Repatriation, R $ 38.5 billion will go to the federal government. The rest will be divided between the states and municipalities.

According to Meirelles, the amount for the federal government, more than half will be used for the payment of outstanding liabilities of the budget and a portion will go to meet the primary surplus target of 2016. The details of how the funds will be used will be made next Thursday (3).

There is also the prediction that the resources of repatriation are used to counter "a possible collection of frustration" by the end of year, according to the minister.

"All of this is already in the accounts and more than half should indeed be used to pay outstanding commitments, which are very high and they were left in a huge quantity by the previous government," Meirelles said in an interview after lecture for entrepreneurs in Federation of São Paulo (Fiesp), in São Paulo.

Swing

The IRS collected R $ 50.9 billion in taxes and fines with the settlement of foreign assets. The value of regulated assets reached the amount of R $ 169.940 billion, according to the agency. The deadline for individuals and companies with funds abroad could redeem the disputes with the tax authorities at discounted penalty ended yesterday (31). The total number of individuals who made the statement was 25,011 and legal entities, 103.

"This shows the success of the initiative in the first place. And it shows something of the utmost importance, in that Brazilians are with funds abroad for many years, irregularly, are willing to settle the capital, pay taxes, pay a fine, and bring the resource to the country to invest here or keep regularized so that it can at any time to the country, this is very important because it shows a confidence in Brazil, in Brazilian institutions, confidence in the Brazilian economy, "said Meirelles.

According to the minister, the country's economy should react positively as, but not immediately. "In time, yes. There are, of course, a sudden influx of capital. This is linked to investment opportunities, the gradual improvement of the economy, the growth of the country, but resources were out there now are available to be invested in the country, "he said.

Second round

Meirelles said he supported a "second round" of the repatriation law, ie, a new opportunity for individuals and legalizing funds deposited abroad. "From the point of view of the Ministry of Finance, the more raise, the better," he said.

"We have nothing against doing a new project. Of course, you have to take into account that is consistent as the first. I think, in that the first was a success, it actually can encourage some people who were afraid to even regularize their capital because they saw that the first was a success, it's working, we had a significant volume " , said.

Meirelles cautioned that the decision for a new repatriation program takes place should be taken by Congress. "It is absolutely possible that Congress decides. He is sovereign for this and the Congress may decide to discuss and approve a new project, "he said.

Earlier, the President of the Senate, Renan Calheiros, has announced it will submit a bill to reopen the deadline for repatriation in 2017.

Source: Agency Brazil