On march 23, 2016 the Swiss Federal Council issued a press release announcing that on that same date it adopted the dispatch on the tax information exchange agreement (TIEA) with Brazil and submitted it to parliament for approval.The Swiss-Brazilian TIEA was signed on November 23, 2015 and governs the exchange of information upon request in tax matters.

From the Swiss side the TIEA has to be approved by Parliament before it can come into force. It is subject to an optional referendum. For the TIEA to come into force Brazil also has to complete its ratification process.

According to the press release Switzerland will also be permanently removed from Brazil's blacklist of countries with an insufficient exchange of tax-related information when the TIEA enters into force.

Click here to be forwarded to the (English) text of the TIEA as available on the website of the Swiss Federal Department of Finance, which will open in a new window.

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