Brazil issues common reporting standard

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Normative Instruction 1,680/2016 has been issued in the official gazette on 29 December 2016 regarding the implementation of the identification of financial accounts. Under the normative instruction, companies are required to submit the e-financeira relating to recognized financial accounts in line with the common reporting standard (CRS). Financial accounts information may be the object of automatic exchange of information relating to information for 2017. Legal entities need to categorize declarable accounts in accordance with the requirements of automatic exchange of information.

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