Circular No. 2263 — Amends the Composition of Accounting Balances for Proof of Application of Resources Obtained Abroad in Financing Brazilian Exports

CIRCULAR NO. 002263

AMENDS THE COMPOSITION OF ACCOUNTING BALANCES FOR THE PURPOSE OF PROOF OF THE APPLICATION OF RESOURCES OBTAINED ABROAD IN THE FINANCING OF BRAZILIAN EXPORTS.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION ON 01/06/93, HAVING REGARD TO THE PROVISIONS OF ART. 11 OF DECREE-LAW NO. 2,303, OF 11/21/86; OF DECLARATORY ACT NO. 9, OF 01/23/92, OF THE FEDERAL REVENUE DEPARTMENT; OF CIRCULAR NO. 2,172, OF 05/05/92, ART. 1, ITEM IV, AND IN VIEW OF THE CHANGES INTRODUCED BY CIRCULAR NO. 2,106, OF 12/20/91, IN THE ACCOUNTING PLAN OF THE INSTITU- TIONS 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, IN ORDER TO BE ENTITLED TO THE EXEMPTION FROM INCOME TAX PROVIDED FOR IN ART. 1 OF DECREE-LAW NO. 815, OF 09/04/69, WITH THE WORDING GIVEN BY ART. 87 OF LAW NO. 7,450, OF 12/23/85, THE BANKS AU- THORIZED TO OPERATE IN FOREIGN EXCHANGE MUST USE THE FORMS OF MODELS ATTACHED, IN WHICH THE DAILY BALANCES IN FOREIGN CURRENCIES WILL BE REGISTERED, EXPRESSED BY THEIR GLOBAL EQUIVALENCE IN UNITED STATES DOLLARS, SHOWN IN THE FOLLOWING ACCOUNTS:

I - REFERRED TO THE FOREIGN EXCHANGE MARKET WITH FREE RATES AS PROVIDED IN RESOLUTION NO. 1,690, OF 03/18/90 (ANNEX I):

A - OF ASSETS:

1.8.2.06.10-2 FOREIGN EXCHANGE PURCHASED FOR SETTLEMENT - EXPORTATION - LETTERS TO BE DELIVERED;

1.8.2.06.20-5 FOREIGN EXCHANGE PURCHASED FOR SETTLEMENT - EXPORTATION - LETTERS DELIVERED;

1.8.2.20.00-9 FOREIGN EXCHANGE AND DOCUMENTS DUE IN FOREIGN CURREN- CIES.

B - OF LIABILITIES:

4.6.3.10.13-2 LIABILITIES IN FOREIGN CURRENCIES - EXPORTATION, UP TO 360 DAYS;

4.6.3.10.23-5 LIABILITIES IN FOREIGN CURRENCIES - EXPORTATION, OVER 360 DAYS;

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

4.1.4.20.00-3 NOTICE DEPOSITS IN FOREIGN CURRENCIES - FLUCTUATING RATES;

4.1.5.20.00-6 TIME DEPOSITS IN FOREIGN CURRENCIES - FLUCTUATING RATES.

II - REFERRED TO THE FOREIGN EXCHANGE MARKET WITH FLUCTUATING RATES AS PROVIDED IN RESOLUTION NO. 1,552, OF 12/22/88 (ANNEX II):

A - OF ASSETS:

1.8.2.13.30-8 FOREIGN EXCHANGE PURCHASED FOR SETTLEMENT - FLUCTUATING RATES - EXPORTATION - LETTERS TO BE DELIVERED

1.8.2.13.40-1 FOREIGN EXCHANGE PURCHASED FOR SETTLEMENT - FLUCTUATING RATES - EXPORTATION - LETTERS DELIVERED

B - OF LIABILITIES:

4.6.3.20.00-5 LIABILITIES IN FOREIGN CURRENCIES - FLUCTUATING RATES

4.1.4.20.00-3 NOTICE DEPOSITS IN FOREIGN CURRENCIES - FLUCTUATING RATES;

4.1.5.20.00-6 TIME DEPOSITS IN FOREIGN CURRENCIES - FLUCTUATING RATES.

PARAGRAPH 1. FOREIGN EXCHANGE CONTRACTS WITH DEADLINES FOR DELIVERY OF DOCUMENTS OR FOR SETTLEMENT THAT HAVE EXPIRED ARE NOT COMPUTED FOR THE PURPOSES AND EFFECTS OF THE PROVISIONS OF THIS ARTICLE.

PARAGRAPH 2. ACCOUNTS 4.1.4.20.00-3 NOTICE DEPOSITS IN FOREIGN CURRENCIES - FLUCTUATING RATES AND 4.1.5.20.00-6 TIME DEPOSITS IN FOREIGN CURRENCIES - FLUCTUATING RATES ARE INCLUDED IN BOTH CALCULATION REPORTS (ANNEXES I AND II), IN ORDER TO ALLOW THE APPROPRIATE ALLOCATION OF THE RESPECTIVE BALANCES, AT THE DISCRETION OF THE INSTITUTION, FOR THE FINANCING OF EXPORTS.

PARAGRAPH 3. FOR THE CALCULATION OF THE EQUIVALENCE IN UNITED STATES DOLLARS, THE PARITY THAT IS BETWEEN THE MINIMUM AND MAXIMUM AVAILABLE ON SISBACEN - TRANSACTION PTAX800, OPTION 1, ON THAT DAY, MUST BE USED FOR EACH CURRENCY.

ART. 2. THE TAX CALCULATION BASE WILL BE OBTAINED BY APPLYING THE HIGHEST INTEREST RATE AMONG THOSE IN FORCE ON THAT DAY, FOR THE SET OF LIABILITIES FOR CREDITS IN FOREIGN CURRENCIES OBTAINED ABROAD, FOR THE FINANCING OF EX- PORTS, ON:

I - IN THE CASE OF ANNEX I, THE DAILY VALUE REGISTERED IN FIELD 11 OR IN FIELD 7, WHICHEVER IS LESS;

II - IN THE CASE OF ANNEX II, THE DAILY VALUE REGISTERED IN FIELD 9 OR IN FIELD 6, WHICHEVER IS LESS.

ART. 3. IN THE EVENT THAT THE LIABILITIES FOR CREDITS IN FOREIGN CURRENCIES OBTAINED FOR THE FINANCING OF EXPORTS, IN THE SAME CURRENCY, REPRESENT A PERCENTAGE EQUAL TO OR GREATER THAN 70% (SEVENTY PERCENT) OF THE TOTAL LIABILITIES OF THAT SPECIES EXIS- TING ON THAT DAY, THE HIGHEST INTEREST RATE IN FORCE FOR THE LIABILITIES ASSUMED IN THAT CURRENCY OF HIGHER CONCENTRATION WILL BE USED, FOR THE PURPOSES OF THE PREVIOUS ARTICLE.

ART. 4. THE CONVERSION INTO NATIONAL CURRENCY OF THE VALUE OF THE DUE INCOME TAX WILL BE EFFECTED BASED ON AN EXCHANGE RATE, FOR THE UNITED STATES DOLLAR, OF THE DAY OF THE OCCURRENCE OF UNAPPLIED VALUE IN THE FINANCING OF EXPORTS, OBSERVED THAT:

I - IF IT CONCERNS ANNEX I, THE EXCHANGE RATE WILL BE THE SELLING RATE OF the "CLOSING BULLETIN" AVAILABLE ON SISBACEN, TRANSACTION PTAX800, OPTION 1;

II - IF IT CONCERNS ANNEX II, THE EXCHANGE RATE WILL BE THE HIGHEST OF THE AVERAGE RATES AVAILABLE ON SISBACEN, TRANSACTION PCOT700, RELATIVE TO FOREIGN EXCHANGE INTERBANK OPERATIONS CARRIED OUT IN THE FOREIGN EXCHANGE MARKET WITH FLUCTUATING RATES.

ART. 5. CIRCULAR NO. 2,120, OF
01/09/92, IS HEREBY REPEALED.

ART. 6. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

BRASÍLIA (DF), JANUARY 6, 1993

EMÍLIO GARÓFALO FILHO
DIRECTOR

NOTE: THE ANNEXES I AND II REFERRED TO IN THIS CIRCULAR WILL BE AVAIL- ABLE FOR INTERESTED PARTIES AT THE REGIONAL DELEGATIONS OF THE CENTRAL BANK OF BRAZIL FROM 01/08/93.