The latest issue of our Brazil On The Record Newsletter is out! Every Saturday, we bring you the most important laws, decrees, administrative acts, and executive orders which have been approved by the Brazilian government — and published on the Federal Register (the Diário Oficial da União).
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BUSINESS AND INVESTMENTS
To the core: Jair Bolsonaro sanctioned a bill approved by Congress in late December that allows for the creation of endowment funds in order to finance projects of NGOs and public institutions. Projects in various areas can be supported, from sports and security, to environment and education. Anything of “public interest” can be covered by the earnings of these funds.
- The donor must state that the donation doesn’t have illicit origins, but the law does not prevent convicted individuals or companies involved in scandals from making donations. Furthermore, the legality of the origins is self-declared.
- Funds must publish reports on their websites, including details on “resource management and application,” every year, at least. It’s also mandatory to detail construction jobs, projects and services executed with the fund’s resources. But there is no requirement for the fund donors to be identified. Actually, the general rule in funds is that the identity of shareholders is concealed.