Brazil: FATCA-related filings due 15 August 2015

Brazil: FATCA-related filings due 15 August 2015

The Brazilian tax authority published Normative Instruction (IN) 1571/2015 (3 July 2015) concerning the intergovernmental agreement (IGA) signed by representatives of Brazil and the United States for purposes of implementing the Foreign Account Tax Compliance Act (FATCA) regime.

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For purposes of the IGA, the e-Financeira filing must be made by 15 August 2015 with respect to reportable information corresponding to the period July-December 2014.

The Brazilian domestic rules significantly expand on the requirements of the IGA. Many of the Brazilian requirements require the government of Brazil to develop system that would allow it to extract data provided from all “reporting financial institutions” so as to report only what is required under the IGA and then transmit that data to the IRS.

Read a July 2015 report [PDF 216 KB] prepared by the KPMG member firm in Brazil: FATCA Alert - Normative Instruction RFB 1,571/15 - FATCA reporting guidance

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