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US-Brazil TIEA Moves Closer To Reality,
by Mike Godfrey, Tax-News.com, Washington
Friday, February 19, 2010
Brazil’s Chamber of Deputies has passed a bill ratifying the Tax Information
Exchange Agreement signed with the United States in 2007. The project, which
was the subject of heated discussion during its proceedings in the Chamber, will
now proceed to the Senate for final approval.
According to a statement from the legislative body, the text was comprehensively assessed to ensure that it does not
require any party to provide information subject to legal protection or to reveal
trade secrets.
Commenting, Brazilian Federal Deputy, Mauricio Rands, said that it would be
a landmark agreement in establishing increased cooperation between Brazil and
the United States. “Of the three upcoming agreements with the US, this
is the most important because it will aid the fight against financial crime
through the exchange of information between the tax authorities of both countries,” he said.
He explained that the Tax Information Exchange Agreement coupled with other
forthcoming agreements, including one for the avoidance of double taxation,
would significantly boost foreign investment from the United States.
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