Multilateral Tax Pact To Take Effect In Brazil In October

The Multilateral Convention on Mutual Administrative Assistance in Tax Matters is set to come into effect in Brazil on October 1, 2016, following the publication of Decree No. 8842 in the Official Gazette on August 30.

According to the Organisation for Economic Cooperation and Development (OECD), the Convention is the most comprehensive multilateral instrument available for all forms of tax co-operation to tackle tax evasion and avoidance, and guarantees extensive safeguards for the protection of taxpayers’ rights.

So far 103 jurisdictions have signed the convention and 86 have ratified it.