New UBO Reporting Obligation (e-BEF)
As of January 1, 2026, Brazil introduced updated rules on the declaration of ultimate beneficial owners (UBOs) through Normative Instruction RFB No. 2,290/2025. A key development is the creation of the e-BEF (Digital Ultimate Beneficial Owners Form), an electronic system for reporting UBO information to the Brazilian Federal Revenue Service.
Key Requirements
- Filing Deadlines: The e-BEF must be filed within 30 days of CNPJ registration, any change in beneficial ownership, or when an entity becomes newly obligated. The form must also be submitted annually by 31 December, even if no changes occur.
- Information to be Reported: Entities must provide detailed identification of UBOs. If no individual qualifies as a UBO, management personnel must be reported instead.
Scope and Phased Implementation
- From January 2026: Companies with legal entities as shareholders, closely held corporations, foreign entities with a branch or participation in Brazil, and non-profits acting as fiduciaries or asset managers.
- From January 2027: Companies with revenue above BRL 78 million, foreign investors in financial markets, and non-profits receiving public funds.
- From January 2028: Companies with revenue above BRL 4.8 million, pension funds, and similar entities.
Exemptions
Entities exempt from filing the e-BEF include companies under the Simples Nacional regime, companies with annual revenue up to BRL 4.8 million, state-owned and mixed-capital companies, and publicly listed companies and their subsidiaries. Note: Exemptions are conditional; if circumstances change, entities must file within 30 days.
Ongoing Obligations
Entities must retain supporting documents for five years, ensure the accuracy of all information, and maintain proof of filing for tax compliance, as false declarations may lead to criminal liability.
Penalties for Non-Compliance
Failure to comply may result in suspension of CNPJ registration, restrictions on banking operations, and fines for late or inaccurate filings. Entities are typically granted a 30-day period to regularize before sanctions are applied.