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Brazil collects over a billion in tax from Swiss accounts

Local News // Nov. 2, 2016
Brazil collects over a billion in tax from Swiss accounts

Brazil's government will collect CHF1.45 billion from assets held by Brazilian taxpayers in Switzerland under an amnesty scheme for undeclared assets abroad which ended on October 31.

In total, this amounts to CHF15.3 billion collected from over 25,000 individuals and companies which agreed to pay a 15% income tax and a fine equal to taxes paid.

In exchange they will get immunity from potential prosecution for tax evasion and other charges.

Fines and taxes on Swiss-held assets only represented 3.4% of the total of undeclared assets, according to Brazil's central bank.

The main countries where assets were announced were the United States (52%), the Caiman Islands (23%), Britain (5.7%), the Bahamas (3.9%), and Switzerland.

The Brazilian government is counting on the money to meet its 2016 budget target and prevent a record budget gap from growing even faster as a long-lasting recession hurts tax revenues.

Tags: banking, tax

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