Brazil has published Normative Instruction No. 1732 of 25 August 2017, which sets out the application of the new progressive withholding tax rates on capital gains derived by non-resident legal entities on the sale of non-current assets and rights located in Brazil. The new rates were introduced by Law 13,259/2016 as follows:

• up to BRL 5 million - 15%
• over BRL 5 million up to 10 million - 17.…