Brazilian President Dilma Rousseff has signed a bill providing for repatriation of capital held overseas by Brazilian citizens and permanent residents, the government announced Thursday. Those wishing to repatriate previously undeclared funds held overseas will pay a total of 30% in taxes and fines. In exchange, the government will drop any criminal penalties, except in cases of international drug dealing or terrorism. The President used her line-item veto powers to eliminate certain provisions of the bill, including an option permitting payment of taxes and fines over a period of 12 months. Government officials estimate that Brazilians hold some $400 billion overseas.
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