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.