Circular No. 2120 — Amends the Composition of Accounting Balances for Proof of Application of Resources Obtained Abroad in Financing Brazilian Exports

CIRCULAR NO. 002120

AMENDS THE COMPOSITION OF ACCOUNTING BALANCES FOR PROOF OF APPLICATION OF RESOURCES OBTAINED ABROAD IN FI- NANCING BRAZILIAN EXPORTS.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION ON 27.12.91, HAVING REGARD TO THE PROVISIONS OF ART. 11 OF DECREE-LAW NO. 2,303, OF 21.11.86, AND IN VIEW OF THE CHANGES INTRO- DUCED BY CIRCULAR NO. 2,106, OF 20.12.91, IN THE ACCOUNTING PLAN OF INSTITUTIONS OF THE NATIONAL FINANCIAL SYSTEM - COSIF, DECIDED:

ART. 1. FOR THE PURPOSE OF PROVING THE APPLICATION OF RESOURCES FROM CREDITS OBTAINED ABROAD FOR THE FINANCING OF BRAZILIAN EXPORTS, SO AS TO QUALIFY FOR THE EXEMPTION FROM INCOME TAX PROVIDED FOR IN ART. 1 OF DECREE-LAW NO. 815, OF 04.09.69, WITH THE WORDING GIVEN BY ART. 87 OF LAW NO. 7,450, OF 23.12.85, THE ESTABLISH- MENTS AUTHORIZED TO OPERATE IN FOREIGN EXCHANGE MUST USE THE FORM MODEL ANNEXED, IN WHICH DAILY BALANCES IN FOREIGN CURRENCIES WILL BE REGISTERED, EXPRESSED BY THEIR GLOBAL EQUIVALENCE IN UNITED STATES DOLLARS, PRESENTED IN THE FOLLOWING ACCOUNTS:

I - OF THE ASSET:

A - 1.8.2.06.10-2 FOREIGN EXCHANGE BOUGHT FOR SETTLEMENT - LETTERS TO BE DELIVERED;

B - 1.8.2.06.20-5 FOREIGN EXCHANGE BOUGHT FOR SETTLEMENT - LETTERS DELIVERED;

C - 1.8.2.20.00-9 FOREIGN EXCHANGE AND DOCUMENTS AT TERM IN FOREIGN CURRENCIES.

II - OF THE LIABILITY:

A - 4.6.3.10.13-2 LIABILITIES IN FOREIGN CURRENCIES - EXPORT- ION, UP TO 360 DAYS;

B - 4.6.3.10.23-5 LIABILITIES IN FOREIGN CURRENCIES - EXPORT- ION, ABOVE 360 DAYS;

C - 4.6.1.70.00-4 CENTRAL BANK - SPECIAL CREDIT LINES IN THE COUNTRY;

D - 4.1.4.20.00-3 NOTICE DEPOSITS IN FOREIGN CURRENCIES - FLOATING RATES;

E - 4.1.5.20.00-6 TIME DEPOSITS IN FOREIGN CURRENCIES - FLAT- ING RATES.

SINGLE PARAGRAPH. FOR THE CALCULATION OF THE EQUIVALENCE IN UNITED STATES DOLLARS, IT MUST BE USED, FOR EACH CURRENCY, PARITY THAT IS BETWEEN THE MINIMUM AND MAXIMUM AVAILABLE MOST RECENTLY IN SISBACEN - TRANSACTION PTAX800.

ART. 2. THE TAX BASE WILL BE OBTAINED BY APPLYING THE HIGHEST INTEREST RATE AMONG THOSE IN FORCE, ON THE DAY, FOR THE SET OF OBLIGATIONS FOR CREDITS IN FOREIGN CURRENCIES OBTAINED ABROAD, FOR THE FINANCING OF EXPOR- TATIONS, ON THE UNAPPLIED VALUE FOR THIS PURPOSE OR ON THE VALUE REGISTERED IN FIELD 6 OF THE ANNEXED MAP, WHICHEVER IS LESSER.

ART. 3. IN THE EVENT THAT OBLIGATIONS FOR CRED- ITS IN FOREIGN CURRENCIES OBTAINED FOR THE FINANCING OF EXPORT- ATIONS, IN THE SAME CURRENCY, REPRESENT A PERCENTAGE EQUAL TO OR GREATER THAN 70% (SEVENTY PER CENT) OF THE TOTALITY OF THE OBLIGATIONS OF THE SPECIES EXIS- TING ON THE DAY, IT WILL BE USED, FOR THE EFFECTS OF THE PREVIOUS ARTICLE, THE INTEREST RATE HIGHEST PREVAILING FOR THE OBLIGATIONS ASSUMED IN THAT CURRENCY OF GREATER CONCENTRATION.

ART. 4. THE CONVERSION INTO NATIONAL CURRENCY OF THE VALUE OF THE TAX DUE WILL BE EFFECTED, ON THE DAY OF ITS PAYMENT, BY THE EXCHANGE RATE OF SALE, FOR THE UNITED STATES DOLLAR, WHICH IS FOUND BETWEEN THE MINIMUM AND MAXIMUM MOST RECENTLY AVAILABLE IN SISBACEN - TRANSACTION PTAX800.

ART. 5. THE FOREIGN EXCHANGE DEPARTMENT MAY CARRY OUT THE ADAPTATIONS THAT PROVE NECESSARY IN VIEW OF CHANGES THAT COMES TO BE INTRODUCED IN THE ACCOUNTING PLAN OF INSTITUTIONS OF THE SIS- TEMA FINANCEIRO NACIONAL - COSIF, RELATIVE TO THE ACCOUNTS INDICATED IN ITEMS I AND II OF ART. 1, AS WELL AS IN RELATION TO TRANSACTIONS OF THE SIS- BACEN.

ART. 5. CIRCULAR NO. 1,677, OF
18.04.90, IS HEREBY REVOKED.

ART. 6. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION, PRODUCING EFFECTS FROM 01.01.92.

BRASILIA (DF), 9 OF JANUARY OF 1992

ARMINIO FRAGA NETO
DIRECTOR

NOTE: THE FORM MODEL REFERRED TO BY THIS CIRCULAR WILL BE AVAILABLE FOR INTERESTED PARTIES IN THE REGIONAL DELEGATIONS OF THE CENTRAL BANK OF BRAZIL FROM 13.01.92.