April 10, 2013 / 6:30 PM / in 5 years

Brazil top court majority favors limited end to double taxation

RIO DE JANEIRO, April 10 (Reuters) - A majority of Brazil’s supreme court favors a partial end to the double taxation of foreign units of Brazilian companies, justices said on Wednesday in deliberations that will decide the fate of billions of dollars in back taxes on multinationals.

Six justices on the 11 member court have made preliminary votes declaring Brazil’s tax laws relating to foreign subsidiaries unconstitutional if the foreign unit is based outside of a recognized offshore tax haven.

The deliberations, which were still in progress, were televised by the court in Brazil’s capital. Six justices said they considered the tax rules constitutional if the foreign unit is based in a recognized tax haven.

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