The Brazilian Senate on Wednesday night passed a bill to reopen the ‘repatriation’ of funds held overseas by Brazilian citizens and businesses. The bill will now go to the Chamber of Deputies for a vote. The bill allows those with undeclared overseas funds to normalize their holdings via payment of taxes and penalties equal to 35 percent of the total. A similar program this year, based on a 30 percent toll, raised some R$46 billion in revenue for the government. The new bill would reopen the window for ‘repatriation’ during a period of 120 days early in 2017. The bill as passed by the Senate maintains the previous veto on repatriation by family members of political office-holders. The new program is expected to raise between R$20 billion and R$30 billion in revenues. The vote came during a busy legislative day. Earlier Wednesday, the Senate approved a proposed constitutional amendment setting vote limits designed to eliminate small political parties from representation in legislative bodies. The amendment now goes to the Chamber of Deputies. Also, Wednesday, a Chamber of Deputies committee unanimously approved a broad anti-corruption bill that will now go to a floor vote.
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