Business

Brazil plans to repatriate foreign funds to foot Covid-19 bill

The Senate is working on a proposal to settle the undeclared foreign assets of Brazilian citizens, hoping to go some way toward covering the country's record pandemic-related deficit

Senate President Rodrigo Pacheco
Senate President Rodrigo Pacheco wants to repatriate funds. Photo: Edilson Rodrigues/SF/ACS/CC BY 4.0

While launching a potentially damaging inquiry into the federal government’s coronavirus response, Brazil’s Senate is also working to approve economic measures that it hopes will mitigate the crushing impact of the pandemic. Among the proposals on the table is a bill opening a new window for repatriating undeclared assets held abroad, in a bid to beef up the public coffers.

The idea follows that of the Special Regime for Currency and Tax Settlement (RERCT), launched in 2016 and 2017 by the Dilma Rousseff and Michel Temer governments. Surfing a wave of repatriation in several parts of the...

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