Brazil has signed a multilateral competent authority agreement that creates the framework for the automatic exchange of financial account information under the OECD/G-20 common reporting standard (CRS), the OECD has announced.
The CRS Multilateral Competent Authority Agreement, signed by Brazil October 25, puts into effect Article 6 of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Brazil is the 85th jurisdiction to sign the agreement.
The agreement adopts the common reporting standard providing for automatic exchange of financial information — including account balances, interest payments, and beneficial ownership — on an annual basis. Brazil intends to commence exchange of tax information about nonresident account holders in 2018.