July 29, 2016 / 7:37 PM / 2 years ago

Brazil facilitates repatriation for amnesty program

BRASILIA, July 29 (Reuters) - Brazil’s Finance Ministry said on Friday it will allow nationals to anticipate the repatriation of funds in order to pay for fines and taxes to legalize non-declared assets held abroad.

The government is putting its hopes on the legalization of those funds to raise enough revenues to meet its primary budget deficit of 170.5 billion reais ($52.53 billion) this year.

Finance Minister Henrique Meirelles has denied media speculation that the government is considering changes to the program to attract more Brazilians who have undeclared assets abroad.

The law sets an Oct. 31 deadline for those interested in paying penalties to avoid prosecution for not declaring those assets to the Brazilian tax authorities.

When approved by Congress late last year the government had expected to collect about 21 billion reais in taxes and fines with the program. ($1 = 3.2460 Brazilian reais) (Reporting by Alonso Soto; Editing by Bill Trott)

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