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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