Under the Normative Instruction 1.571 / 2015 (DOU, July 3), the tax authorities of Brazil have established a new accessory obligation called “E-Financeira”. The technology development is very similar to that used in the Public Register System (SPED) and will help financial institutions to achieve a better performance during the adherence to the internationally recognized pattern for data capture driven by the Brazilian Treasury.

The Tax Agency will implement the new system gradually, while discontinues the use of the current Statement of Financial Transactions Reports (DIMOF) in 2016.

Banks, insurance companies, securities editors, distributors of securities, administrators of consortia or entities which manage complementary pension plans are some of the entities that must provide information through this new system.

The “e-Financeira” platform will be launch next May 2016, reffering data from December 1st, 2015.

Last September 2014, Brazil signed the FATCA agreement to exchange tax information with the United States (Foreign Account Tax Compliance Act). FATCA will allow the sharing of information between both Brazilian and North American tax agencies. The e-Financeira system will allow data capture of US citizens for this purpose. The first exchange of information is planned for September 2015, referring to the year 2014.