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Annual Exempt Tax Return for Non-Residents - Filing Deadline Ends November 30 2007

Non-residents enrolled with the Federal Individual Taxpayers’ Registry (“CPF”) are required to file with the Brazilian Internal Revenue Service (“Brazilian IRS”) the annual exempt tax return (“Declaração Anual de Isento”) between September 3 and November 30 2007.

In such return, non-residents should inform their addresses abroad and indicate if they: (i) own real estate in Brazil; (ii) own vehicles, aircraft or vessels in Brazil; (iii) hold bank investments, including savings accounts in Brazil; (iv) own stocks of Brazilian companies; or (v) hold checking accounts in banks in Brazil.

Such annual exempt tax return refers to the fiscal year of 2006. Therefore, non-residents who obtained their CPF during 2007 are not obliged to file the annual exempt tax return this year. Non-residents are required to file the annual exempt tax return through the internet and are able obtain the relevant form in such website (http://www.receita.fazenda.gov.br).

Non-filing of the annual exempt tax returns by non-residents may impair their local financial activities (e.g., opening bank accounts, contracting loans, etc.) after the second consecutive omission in filing such annual return, since the CPF would be suspended in such case.

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