Bank of Portugal obliged to report transfers to offshore companies – Jornal Econômico

Bank of Portugal obliged to report transfers to offshore companies - Jornal Econômico


Starting next year, Banco de Portugal will have to share information on offshore transfers with the Treasury, after the institution led by Carlos Costa refused to do so, invoking secrecy duties.

Among the data that the central bank will have to disclose to the Treasury by the end of March of each year is "detailed statistical information by entity that provides payment services, typology of taxpayer and total taxpayer by destination and reason for operations, relating to the transfer and remittance of funds whose destination is an entity located in a country, territory or region with a more favorable preferential tax regime. "

It is recalled that banks are already obliged to submit, annually, until the end of March, in the Finance Portal, the official model declaration (model 38), approved by an order of the member of the Government responsible for the area of ​​finance, on transfers and sending of funds that have as recipient entity located in a country, territory or region with a more favorable privileged tax regime.

According to the General Tax Law (LGT), it is mandatory to report only operations with values ​​above 12,500 euros. Already to the Bank of Portugal, the banks have to communicate to the regulator of the sector any transaction for a tax haven that surpasses the 15 thousand euros.

With the amendment to the LGT, banks were obliged, as of this year, to send this information by the end of March, three months earlier than they had done so far.

The obligation to publish these statistics annually, which arose with the entry into force of the new TA law, includes discriminating the territories to which the funds were sent, the reason for the transfer and the typology of the payer.

After the 'leakage' of about 10 billion euros to offshore without tax treatment – a case that is being investigated by the Public Prosecutor's Office – the Tax Authority announced that, in 2016, about 8,600 million euros for tax havens.



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