Brazil Concludes Four New TIEAs
The Brazilian Government has submitted to Congress four tax information exchange agreements (TIEAs) concluded with Uruguay, Jersey, Guernsey, and the Cayman Islands, Brazil’s Ministry of Finance said on November 11, 2015.
Congress will also consider a protocol to expand and upgrade provisions for the exchange of information with India in their existing double tax agreement.
The agreements, once ratified, will allow Brazil to obtain information on financial assets held and income earned in those countries. The agreements are in line with G-20 guidelines on tax transparency and combating tax evasion, Brazil’s Finance Ministry said.
Brazil has committed to adopting the global standard on tax information exchange established by the Global Forum on Transparency and Exchange of Information for Tax Purposes from 2018. The standard will broaden the tax authorities’ access to financial transactions and expand the network of tax administrations involved in the process of information exchange.