Brazil’s Congress on Tuesday completed action on a government bill to reopen a program allowing Brazilians to repatriate funds sent illegally overseas. The Senate approved the bill in a voice vote and it had already been approved by the Chamber of Deputies. President Michel Temer is expected to sign it within the next few days, and the mechanism goes into effect 30 days later. For a period of four months, it will allow Brazilians to repatriate overseas funds by paying a total of 35 percent in taxes and fines. A similar plan in 2016 invited Brazilians to repatriate illegal overseas funds by paying 30 percent. The original plan brought R$47 billion into government coffers and the latest bill is expected to bring another R$30 billion in badly needed revenues.
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