Brazilian tax officials on Thursday released details of this year’s asset repatriation program, saying the program brought in a disappointing total of just R$1.615 billion in tax revenue. This was the second year of existence for the program. In 2016, it brought in revenues of R$47.4 billion. The program allows Brazilians with hidden overseas assets to declare them by paying a 35% tax. In exchange, they are freed from any legal liabilities related to the overseas assets. The deadline for declarations under this year’s program was July 31. Early this year, the government projected 2017 revenues from the program of R$12.7 billion. More recently, the government trimmed its estimate to R$2.9 billion. The disappointing returns from the program could cause the government to review its budget projections for the rest of the year, officials said.
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