Brazil has published Normative Instruction RFB No. 1,683/2016 (NI 1,683), which amends Normative Instruction RFB No. 1037/2010 (the list of low tax jurisdictions and privileged tax regimes) with respect to the Austrian holding company regime. The Austrian regime was added as a privileged tax regime (grey list) in September 2016 ({News-2016-09-16/A/2- previous coverage}). NI 1,683 amends the list to provide that Austrian holding companies will only be considered a privileged tax regime if not carrying on substantive economic activity. Inclusion in the list of low tax jurisdictions and privileged tax regimes impacts several areas of Brazilian taxation, including withholding tax...