Brazil and Switzerland agree to automatic exchange of financial account information in tax matters

The Governments of Brazil and Switzerland have released a joint declaration expressing their intent to introduce, on a reciprocal basis, an automatic exchange of financial account information in tax matters based on the OECD Common Reporting Standard, beginning in the year 2018. The first transmission of data will take place in 2019.

Acknowledging the importance and benefits of cross-border investment and financial services, each jurisdiction will inform the other of any relevant developments regarding the implementation of the OECD Common Reporting Standard in their respective domestic legislation.

The discussions between Brazil and Switzerland are part of the OECD’s efforts to fight international tax evasion. They announced the joint declaration on November 18, 2016.

*Alex Jorge is a partner and co-head of the Tax practice and Paulo Takafuji is a senior associate in the Tax practice of Campos Mello Advogados, an independent law firm in Brazil working in cooperation with DLA Piper with offices in Rio de Janeiro and São Paulo.