Nearly $1.5 billion out of Brazil regularized after repatriation program

The second stage of a fund repatriation program by the Brazilian government has regularized $1.47 billion, the country's Revenue Service announced Thursday (Aug 3). Taxes and fines totaled $517 million—lower than previously expected by the government.

The government had estimated to raise $4.16 billion with taxes and fines in this stage of the initiative, but the figure was cut down to $914 million by the Planning Ministry.

Under the program, tax payers with undeclared funds abroad will be able to pay 15% as tax and 20.25% as fine to avoid criminal charges.

*Wellton Máximo contributed to this article.

Translated by Fabrício Ferreira