Swiss Council Adopts Brazilian TIEA
The Swiss Federal Council has adopted a dispatch on the implementation of a new tax information agreement (TIEA) with Brazil and submitted it to Parliament for approval.
The agreement was signed in November 2015. It is the tenth TIEA signed by Switzerland.
The Council said that the agreement governs the exchange of tax information upon request. It added that both countries are striving to strengthen tax-related cooperation and could conclude a double tax agreement.
As a result of the deal, Switzerland will be permanently removed from Brazil’s “blacklist” of countries with insufficient provisions for the exchange of tax-related information. The Federal Council said this will give Swiss companies operating in Brazil greater legal and investment security.
The TIEA must now be approved by the Swiss Parliament. It is subject to an optional referendum.
