As we noted on a previous post, FATCA IGA was heading for a fast approval on the Brazilian Congress. Last week we had the publication of the Decree nº 8.506 that puts the agreement into effect immediately. That means that this the beginning of the automatic exchange of information of tax matters in Brazil.
The first exchange will occur right on the next month, September, as financial institutions had until today to send the information to local authorities for them to exchange with the foreign authorities as of tomorrow.
We have being talking for a long time with clients and service providers that the rules of the game were about to change and it’s sad to see that some aren’t getting qualified consulting services on this matter from their trusted lawyers and offshore providers resulting on the client not taking the necessary steps to improve their structures being compliant.
We have helped clients with their structures during this transition in a practical way, if you need an evaluating of your offshore situation don’t hesitate to contact us.
Now get ready for GATCA before it comes.