Brazilian IRS announces new currency appreciation adjustment
March 03, 2010
The Brazilian Internal Revenue Service (Brazilian IRS) has published instructions providing the currency appreciation adjustment factor to be used in the calculation of transfer prices for the calendar year 2009.
Normative Instruction 2010 says that the export revenue earned in the local currency, reais, should be multiplied by a factor of 1.00 to calculate the sales revenue on exports to related parties. This will minimise the impact from the appreciation of reias in relation to the US dollar and the Euro.
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