The Brazilian and Swiss governments have signed an agreement to avoid double taxation for individuals doing business in Brazil and Switzerland. The agreement was signed by the Secretary of the Federal Revenue, Jorge Rachid, and still needs approval from the National Congress to take effect.
The agreement aligns with the recommendations of the Organisation for Economic Co-operation and Development (OECD) and, in addition to preventing double taxation on entrepreneurs’ income, also aims to combat tax evasion.
With the agreement, the expectation is that legal certainty will create more room to stimulate investments between the nations and strengthen bilateral trade relations. Switzerland ranks sixth among the countries that invest the most in Brazil, and the agreement has been a long-standing demand from the private sector.
Source: Government of Brazil