Published by our Brazilian Lawyer Carolina Hayashi Descio at London Office, June, 2016, London, UK.
As important international tax cases keep hitting the headlines, the topics of tax transparency and exchange of information are becoming increasingly relevant for taxpayers and tax administrations.
In this context, the Organisation for Economic Cooperation and Development (OECD) and the Global Forum on Transparency and Exchange of Information for Tax Purposes are currently developing work in the area of the automatic exchange of information, namely with respect to the so-called Common Reporting Standard (CRS).
On 3 November 2011 Brazil signed OECD’s Multilateral Convention on Mutual Assistance in Tax Matters (MCAA), which provides for administrative cooperation between signatory states in the assessment and collection of taxes, in particular with a view to combating tax avoidance and evasion.
After almost five years of its signature, the Brazilian Congress approved the text of MCAA and, on 1 June 2016, José Serra, current Minister of Foreign Affairs, deposited Brazil’s instrument of ratification with OECD, which signifies that the Convention should enter into force for Brazil on 1 October 2016.
It is important to note that, before MCAA is effective and enforceable in Brazil, it still needs to be promulgated by the President by means an Executive Decree providing for its publicity and validity.
Currently, 96 jurisdictions have signed up to the MCAA, under which the date for the intended first exchange of information is established as either September 2017 or September 2018.
Solid corporate and tax experience with concentration in International and Brazilian Taxation as a qualified lawyer.