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By Maria Lopez Conde, Contributing Reporter

RIO DE JANEIRO, BRAZIL – Both Brazilians and foreigners are preparing to declare their annual income as the April 30th deadline to file taxes with the Receita Federal (Federal Revenue) nears. Under Brazilian law, all Brazilian citizens who received an annual taxable income above R$24,556.65 in 2012 are required to file the Imposto de Renda Pessoa Física (IRPF – Personal Income Tax).

Foreigners who are considered tax residents are also obligated to file income taxes, explained Bernardo Mira, partner at Pacific Global . . .

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