The Brazilian Chamber of Deputies on Wednesday night approved a government bill allowing citizens and residents to declare previously undeclared funds held in overseas accounts. The bill must still be passed by the Senate. The legislation allows Brazilians and foreign residents to declare such funds while paying taxes and fines equal to 30% of total account volume. According to the Finance Ministry, the bill could raise as much as R$150 billion in one-off revenue, helping to close expected 2015 and 2016 budget gaps.
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