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Reloaded: FATCA vs Brazilian Supreme Court (STF) - 2016

In December 2015 newsletter, we issued an article, about FATCA and the current decisions from the Brazilian Supreme Court defining that constitution forbid the banking data to be accessible by  Revenue Services without Judicial order.­

However, on last February Supreme Court decides that the judicial order is not necessary because of the boundaries issued by Decree 3724/2001 and because of many international agreements signed by Brazil. Thus, interpreting the Complementary Law 105/2001, Supreme Court allowed Fiscal Authorities to investigate bank data following the boundaries of the Decree 3724 and share the information with Fiscal Authorities from abroad.

Now FATCA has properly started in Brazil and Companies and individuals must be prepared.

About the author

Marcus V. Buschmann

President for Latin America of Adam Global, Partner of Buschmann & Associados Advogados. For more than 15 years Mr. Buschmann is helping international clients to establish business and navigate in the Brazilian legal and economic scenario. Buschmann & Associados - Advogados e Consultores Av. Rio Branco, nº 177, 20º Andar, Centro Rio de Janeiro - RJ - Brasil - CEP: 20.040-007 Telefax: +55 21 2240-3936 Mobile: + 55 21 99115-4296