CMN Resolution No. 4784 — Amending Resolution No. 4,680 of July 31, 2018, Regarding the Methodology for Calculating Reference Equity (PR)

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on March 18, 2020, based on Article 4, items VIII and XI, of the aforementioned Law, Article 20, paragraph 1, of Law No. 4,864 of November 29, 1965, Law No. 6,099 of September 12, 1974, and Articles 1 and 12 of Complementary Law No. 130 of April 17, 2009,

R E S O L V E S:

Article 1. Resolution No. 4,680 of July 31, 2018, shall enter into force with the following amendments:

“Article 1. ...............................................................

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Paragraph 2. The provisions of the main text apply only to tax credits for fiscal losses recognized in the period from January 1, 2018, to December 31, 2020.” (NR)

“Article 2. ................................................................

I - at least 50% (fifty percent), by June 30, 2021; and

II - 100% (one hundred percent), by December 31, 2021.” (NR)

“Article 2-A. The Central Bank of Brazil shall regulate, for the purposes of this Resolution, the procedures to be observed for the calculation of the tax credits for fiscal losses referred to in Article 1.” (NR)

Article 2. This Resolution enters into force on the date of its publication.

Roberto de Oliveira Campos Neto
President of the Central Bank of Brazil