Brazil tax: The Transitional Tax Regime (RTT)

The Transitional Tax Regime (RTT) introduced in 2008 in Brazil guarantees tax neutrality when there are inconsistencies between the IFRS rules in effect as from 1 January 2008 and current tax rules. On 15 October 2009, the Brazilian tax authorities made available the software/return (FCONT) that should be used by taxpayers that chose the RTT regime in calendar years 2008 and 2009, to report the adjustments related to that election. The deadline for filing the FCONT related to FY 2008 is 30 November 2009.