Brazil Provides Transitional Relief for Local CbC Reporting of Foreign-Parented Groups for 2016 where Exchange Agreement Not Effective until 2017

Brazil published Normative Instruction No. 1.722/2017 in the Official Gazette on 27 July 2017, which amends Normative Instruction No. 1.681/2016 on the obligation to submit Country-by-Country (CbC) reports. The amendments provide transitional relief for the 2016 fiscal year in cases where there is a competent authority agreement for the exchange of CbC reports between Brazil and the ultimate parent's jurisdiction, but the agreement is only effective in respect of fiscal years beginning on o…