Ricardo Tosto de Oliveira Carvalho is a successful attorney based in Brazil. He is a founding partner at the law firm of Leite, Tosto and Barros Advocates. He recently elaborated on the need to file mandatory quarterly and annual declaration on foreign assets under the program “Annual Declaration of Brazilian Capital Abroad.” Brazilians with assets and funds abroad exceeding $100,000 must file a declaration of wealth.

This includes equity, fixed income securities, shares, bank deposits as well as real estate investments among numerous other assets. The Central Bank of Brazil could charge you up to $75,000 in fines for missing the deadline or for submitting incomplete or erroneous information. Entities are given up to three months from the end of the year to file the declarations. Counting December 31st, 2016, this gives you until the end of March. The deadline expired on April 5th, 2017 and read full article.

Ricardo Tosto de Oliveira Carvalho advises entities to file the annual and the quarterly declarations online through the website provided by Central Bank. Users can log in and fill a supplied form with the relevant details. Annual declarations are filed at the end of the year by resident entities whose total assets do not exceed $100,000. Quarterly filings are mandatory for resident persons or organizations holding more than $100,000,000 in foreign assets. This exercise enables the government to keep track of foreign direct investments and learn more about Ricardo.

Ricardo Tosto de Oliveira Carvalho advises Brazilians to undertake the filing of declarations within the stipulated time frames to escape the hefty fines. The first step is to obtain the relevant documentation regarding the assets. Brazilians can get the help of experienced income tax attorneys to help them understand wealth and tax laws in Brazil.

Ricardo Tosto de Oliveira Carvalho has represented numerous individuals, multinational groups, politicians as well as non-governmental organizations. He specializes in civil and criminal law, commercial law and credit restructuring among others. He has been recognized by “Who’s Who Legal” as one of the best lawyers in commercial litigation.

Ricardo Tosto de Oliveira Carvalho has mentored many of his associates who joined the firm as trainees. He is in charge of the daily supervision of ongoing cases, assisting his associates with strategy and monitoring their progress with specific cases. He has served on the Brazilian Bar Association in Sao Paulo and resume him.