Machado Associados

(The following information was supplied by the firm)

Firm Overview:

Machado Associados is a leading Brazilian law firm, highly respected in the demanding international scenario.

Machado Associados specialises in the main Corporate Law areas, providing services to national and international clients of all sizes and economic sectors. Since the onset, Machado Associados is acknowledged in the Market as one of the leading firms in the tax area by its clients, peers and the most renowned international publications. The firm’s excellence in the tax segment was extended to its other practice areas, which enjoy equal recognition and reputation.

Based on this distinguished profile, the firm renders high quality, comprehensive, and differentiated services to domestic and foreign clients of all sizes, operating in virtually all industries, such as civil construction, cosmetics, chemical and petrochemical, energy, technology, pharmaceutical, finance market, foodstuffs, automotive, transportation and logistics, and regulated markets. Seeing much market recognition since its foundation, the firm and many of its partners hold some significant national and international industry awards, and have been highly ranked in several areas.

Managing Partner: Julio Oliveira

Number of partners worldwide: 40



Consulting related to all taxes levied in Brazil, transfer pricing rules, structuring of mergers and acquisitions transactions from the tax standpoint, international tax planning for the structuring of investments of global companies (including assistance for Brazilian companies to expand overseas), international treaties to prevent double taxation, and tax compliance review.

Tax Litigation:

Judicial and administrative tax litigation at all levels and involving all types of tax matters, including defences against tax assessments and lawsuits to challenge tax liabilities or aiming at the recovery of unduly paid taxes.


Advisory on all legal aspects relating to foreign investors operating in Brazil and Brazilian companies investing abroad; incorporation of all types of legal entities; advisory on matters relating to shareholders’ rights, corporate governance, corporate disputes; assistance in corporate reorganisations.


Participation in the negotiation and implementation of transactions involving the purchase and sale of companies, assets, establishments and/or lines of business, joint ventures, consortium agreements, silent partnerships, shareholders’ agreements, performance of due diligences in all practice areas.


Advisory in the structuring of compliance programs; advisory in the interpretation of Brazilian laws and regulations about compliance and anticorruption; preparation of policies and codes of conduct; internal training courses; review and customisation to compliance policies used abroad to adapt them to the Brazilian laws; due diligence of suppliers; drafting, review and negotiation of agreements, and documents about compliance and anticorruption.


Preparation, review and negotiation of contracts in general, involving Brazilian and foreign companies and/or individuals.

Foreign Investments:

Assistance with the registration of foreign investments and loans with the Central Bank of Brazil, matters involving international transfers of funds, and interpretation of regulatory acts from the Central Bank.


Advice on compliance with rules of regulatory agencies; assistance with matters related to invitations to bid, administrative contracts, concessions and permits for construction work and public services, as well as public-private partnerships.

Real Estate:

Preparation, analysis, and negotiation of agreements for the purchase and sale, lease and free loan of real estate, business condominiums, among others; full assistance with real estate collaterals.

Labour & Employment:

Advice on the hiring, management, compensation and termination of professionals; compensation and benefits; equalisation of benefits; confidentiality and labour-related intellectual property covenants; unions; relocation of employees; foreign workers; international work; labour and employment compliance reviews; social security counselling; and labour and social security litigation.

Import & Export:

Advice in the customs area, encompassing taxes and duties, antidumping rights, special customs regimes, import and export control rules, international treaties and tax incentives. Litigation on customs matters. Advisory on the application of transfer pricing rules and on the inflow or outflow of funds from Brazil for the payment of imports and exports, including the analysis of the Central Bank of Brazil rules and requirements.

Civil Litigation:

The litigation practice provides high quality services to domestic and foreign clients. The firm provides services to clients engaged in different industries and sectors, representing them in judicial disputes before State and Federal Courts, as well as before the Superior and Supreme Courts. Its highly skilled team provides sophisticated services in respect to simple and highly complex disputes.

International Work:

Machado Associados represents several multinationals and their Brazilian subsidiaries, as well as many of the largest Brazilian companies with global activities, in cross-border transactions and in the structuring and implementation of their investments in Brazil and abroad. The firm is a founding-member of the Latin America Tax and Legal Network — LATAXNET (, an alliance of top ranked law firms in Latin America. The firm is in a unique position to assist clients interested in doing business in Latin America. Machado Associados is the Brazilian firm member of the renowned international tax network WTS Global ( Focused on the tax and corporate areas and one of the worldwide leaders in this field, WTS Global is composed of selected consulting firms in more than 100 countries.


Portuguese, English, Spanish, French, German.

Key Contacts

Managing Partner:

Julio Oliveira
[email protected]

Firm Rankings

Capital Markets: Debt
Band 3


Capital markets: Equity
Band 3


Band 3


Band 4


Band 2


Tax: Contentious
Band 3



New Brazilian Transfer Pricing rules

Law 14596 was published on June 15th, 2023, providing for the new Brazilian transfer pricing rules, substantially changing the legislation currently in force, for the purposes of alignment with the OECD TP guidelines. Law 14596 results from the conversion of Provisional Measure (MP) 1152, published in the end of 2022, and applies to the calculation […]

Decree Reduces IOF-Exchange Rates Gradually to Reach Zero by 2029

Decree 10,997/22, published on March 16th, 2022, establishes the reduction of IOF-Exchange rate to zero. Currently, a general rate of 0.38% applies, but the applicable rules provide for some exceptions. According to Decree 10,997/22, the reduction will be gradual until it reaches all exchange transactions. Read more

Changes to Brazilian Transfer Pricing Rules

Provisional Measure (MP) 1152, published on December 29, 2022, substantially amended the Brazilian transfer pricing rules currently in force fo transactions caried out between related parties, with the purpose of aligning them with OECD Guidelines. The MP comes into effect on January 1, 2024, but taxpayeers may choose to apply it as from January 1, […]

Brazilian Government Boosts the Benefits Under the Drawback Regime

On September 5 2022, the Brazilian government issued Law 14440/2022, which provided for the inclusion of certain services in the suspension drawback regime as of January 1 2023. The drawback customs regime aims to boost the export of Brazilian manufactured products by exempting the acquisition of inputs used in the manufacturing of products to be […]

New legal definition establishes the taxable basis of Brazilian excise tax

Cecilia Yokoyama and Juliana Mari Tanaka of Machado Associados discuss the legal definition of praça that sets the taxable basis for excise tax in transactions carried out between interdependent companies. The Brazilian excise tax (IPI) legislation determines that the current price in the ‘praça’ (‘trading area’) of the sender’s wholesale market must be used as the minimum […]

Brazilian government reduces taxation on non-resident investors

On 22 September 2022, the federal government issued Provisional Measure 1137 (MP 1137), reducing to zero the withholding tax (WHT) levied as of 1 January 2023 on certain income earned by non-resident investors in the Brazilian financial and capital markets. The measure is part of the Brazilian government’s strategy to attract foreign investment into the […]

Brazilian Tax Measures Tackle Inflationary Effects on Fuel Prices

Brazil is in a period of economic instability, in light of the impacts of the COVID-19 pandemic. Increased inflation has caused uncertainty in market prices, especially in the fuel sector. To contain this instability, the federal government has taken a series of legal tax measures aimed at curbing inflation and preventing price instability from reaching […]

Brazil’s Superior Court Denies PIS and COFINS Credits Under One-Time Charge System

On April 27 2022, the Brazilian Superior Court of Justice (STJ) ruled in Special Appeal 1.894.741 against the booking of PIS and COFINS credits on the acquisition of goods for resale subject to the one-time charge system (incidência monofásica). The case was judged under the repetitive appeals system, and its conclusions bind the lower courts. […]

Annual Census of Foreign Capital in Brazil

Who must declare? Legal Entities with direct investment of non-residents in the corporate capital, in any amount, and with an equity equal of greater to R$ 577.990.000,00 (equivalent to $100 Million US on 12/31/2021). Investment funds with non-resident investors with an equity equal to or greater to R$ 577.990.000,00 (equivalent to $100 Million US on […]

The Limits of the Director’s Performance as Per Law 14195/2021

Popularly known as a bureaucratic country, the “infamous” Brazilian government requirements also reflect internationally and, in the business scenario, it could not be different. The World Bank’s ranking Doing Business is known for evaluating business and investments in economies around the world, to encourage countries to compete for more efficient business environments. In this sense, […]

Brazilian government reduces IPI rates

Gabriel Caldiron Rezende of Machado Associados discusses the excise tax (IPI) reduction made by the Brazilian federal government, the steps taken to reach a reduction of 35%, and the controversies on the horizon. After several uncertainties, the Brazilian federal government has cut IPI rates for most products by 35%, in an effort to boost the […]

Supreme Court unravels the levy of taxes on software licensing

On February 24, 2021, the Brazilian Federal Supreme Court (STF) delivered a final decision related to the taxation of software in Brazil, defining that the transactions with software are deemed as services and therefore shall be taxed by the municipal service tax (ISS), with rates that vary from 2% to 5%. This judgment puts an […]

Brazilian Supreme court Defines Tax on Media Advertising

On March 9 2022, the Brazilian Federal Supreme Court (STF) concluded the judgment of Direct Unconstitutionality Action (ADI) 6034, deciding that the insertion of advertising is a service subject to the municipal service tax (ISS), rather than a communication service, which would be subject to the state VAT (ICMS). In doing so, the Court settled a […]

Government Reduces Excise Tax Rate

The government has significantly reduced the excise tax (IPI) rate in an effort to aid economic recovery after the covid-19 pandemic and mitigate the negative effects of inflation and the potential adverse impacts of the Ukraine-Russia war. Decree No. 10979, which was published in the 25 February 2022 edition of the Official Gazette, has provided […]

New Regulation for ICMS Tax on Interstate Transactions in Brazil

Following a recent law regulating Brazil’s State VAT on interstate transactions, new controversies remain on the horizon On 5 January 2022, Supplementary Law 190/2022 was published to regulate the allocation of Brazil’s State VAT (ICMS) revenue on interstate transactions to end consumers (DIFAL), but it has ended up creating new controversies over the start of […]

Brazilian Superior Court of Justice defines the calculation of penalty and interest on drawback

Júlio de Oliveira and Gabriel Caldiron Rezende of Machado Associados discuss the recent decision of the Superior Court of Justice on the calculation of interest and penalty on the drawback customs regime. Drawback is a special customs regime which aims at boosting exports by exempting the taxes levied on imports and local acquisitions of inputs […]

Ex-Tariff on the brink of extinction

The tariff exception (“Ex-Tarifário” or “Ex-Tariff”) is an import duty benefit under which a differentiated rate is applied to specific goods which are proven to not have a national equivalent in Brazil. To this effect, the Federal Government temporarily reduces the import duty rates to up to 0% so as to boost the domestic market’s […]

New Chapter Begins on the PIS and COFINS Taxable Basis: Inclusion of IPI

Carolina Romanini Miguel from Machado Associados comments on the decision of the Brazilian Federal Supreme Court which recognised the constitutionality of the inclusion of excise tax in the social contributions taxable basis. It is well known that the Brazilian tax system is convoluted. One of the reasons for this complexity is that many taxes are […]

Regulation to combat customs fraud

Brazil has always taken heavy measures against the non-compliance with tax and customs regulations, especially by applying heavy penalties. To this effect, the customs authorities, sometimes accompanied by the federal police, are known for carrying out rigorous inspections to check the compliance with all applicable rules. In this context, the Brazilian Federal Revenue Service (RFB) […]

Brazilian Federal Revenue Service reduces PIS/COFINS credits with questionable opinion

Júlio M. de Oliveira and Gabriel Caldiron Rezende of Machado Associados discuss the recent maneuver of the Federal Revenue Service to reduce the financial impact of the Brazilian Federal Supreme Court decision on the PIS/COFINS taxable base.  As discussed in previous articles, on March 15 2017, the Full Bench of the Brazilian Federal Supreme Court […]

Brazilian Supreme Court concludes the discussion about the inclusion of ICMS in the PIS/COFINS taxable basis

Mauri Bornia and Gabriel Caldiron Rezende of Machado Associados discuss the final decision of the Brazilian Federal Supreme Court, which settles, once and for all, the discussion about the inclusion of ICMS in the PIS/COFINS taxable basis. On March 15 2017, the Full Bench of the Brazilian Federal Supreme Court (STF) ruled that the inclusion […]

New ‘Local File’ Requirements in Brazil

(Previously published in the WTS Newsletter.) Brazil is widely known for taking a different approach to transfer pricing rules, with Brazil- ian rules diverging substantially from the OECD Guidelines. This unique approach also extends to transfer pricing documentation requirements. Out of the three standard documents recommended by the OECD as transfer pricing docu- mentation requirements, […]

Currency Exchange Legal Framework Project

Against the backdrop of the global crisis caused by the Coronavirus and the reduction of foreign investments in Brazilian applications in 2020 (which made the last year the worst in direct investment performance in the country since the 2018 crisis), Bill 5387/2019 (“PL 5387/19”), also known as “Currency Exchange Legal Framework”, represents an important promise […]

Brazilian Federal Supreme Court unravels the levy of taxes on software licensing

Ricardo Marletti Debatin da Silveira and Rogério Gaspari Coelho of Machado Associados discuss a Supreme Court decision about the taxation of software licensing in Brazil   In February 24, 2020, the Brazilian Federal Supreme Court (STF) delivered a final decision related to the taxation of software in Brazil, defining that the transactions with software are […]

New outlook for Brazil on withholding tax on service remittances abroad

Stephanie Makin and Ana Lúcia Marra of Machado Associados discuss changes to the withholding tax on service remittances abroad and the impact on multinational corporations. The high tax burden imposed by Brazil on remittances abroad related to the import of services, as well as multiple taxes, various tax rules and taxing authorities’ interpretation of double […]

Press Releases

Voted Among Most Admired Firms

We are pleased to announce that our firm is among the Most Admired in the edition of the ranking Análise Advocacia Regional 2023, carried out by Análise Editorial. This recognition is the result of the work carried out and our commitment to high quality deliveries to our clients. The new publication features 1,800 Most Admired offices, cited in 22 […]

10 Sep 2023
Professionals recognised

Análise Advocacia Mulher 2023 On the day following the International Women’s Day, our professionals were recognized by Analise Editorial in the ranking edition of the Análise Advocacia Mulher 2023. For another year, our partners Maria Andréia F. dos S. Santos and Rochelle Ricci were highlighted for their work in several areas of Law and Economy, showing the dedication, talent and capacity of […]

03 May 2023
Machado Associados: Subway wraps up partnership with Brazil’s SouthRock

Machado Associados has helped US fast-food chain restaurant Subway sell the exclusive right to operate all of its restaurants in Brazil to private equity group SouthRock. Pinheiro Neto Advogados advised the buyer in the deal, which closed on 5 May. The value is confidential. The agreement puts SouthRock in charge of the management and development […]

01 Jun 2022

Sign In

[login_form] Lost Password