News Share

The Tax Hub

Daily Tax Newsletter


22 March 2016

Responsive image

Portugal Adopts 2016 Budget including CbC Reporting Requirements

Portugal's parliament reportedly adopted the 2016 Budget on 16 March 2016. One of the main tax related measure is the introduction of Country-by-Country (CbC) reporting requirements in line with the guidelines developed as part of Action 13 of the OECD BEPS Project. Although the final legislation is not yet available, the final requirements are not expected differ from the draft version, which include:

  • The CbC reporting requirement will apply from the 2016 fiscal year;
  • The content of the report will follow the OECD guidelines;
  • The reporting threshold will be consolidated group revenue in the previous fiscal year of EUR 750 million;
  • The reporting deadline will be 12 months after the fiscal year concerned;
  • Entities required to file a report in Portugal will include:
    • Ultimate parent entities of MNE groups resident in Portugal;
    • Group entities resident in Portugal if the ultimate parent is not required to file in its jurisdiction of residence, or Portugal does not have automatic exchange of CbC reports with that jurisdiction or the Portuguese tax authority has notified a group entity that there is failure to exchange with that jurisdiction; and
    • Group entities resident in Portugal that have not demonstrated that another group entity has been designated to file a CbC report - either an entity resident in Portugal or resident in a jurisdiction with which CbC reports are automatically exchanged;
  • The identity and tax residence of the reporting entity must be provided to the Portuguese tax authority by the end of the fiscal year concerned;
  • A penalty of up to EUR 20,000 will apply for failure to file when required.

The 2016 Budget legislation must now be signed by the president before entering into force. Additional details on the CbC reporting requirements and other measures will be published once available.

Powerful Tax Tools


FX Rates

Global FX Rates including Tax Year Average FX Rates and Spot Rates for all Reporting Currencies.


Corporate Tax Rates

Corporate tax rates, surtaxes, and effective tax rates for the current year, as well as historical rates and approved future rates.


Country Analysis

Detailed tax guidance for companies doing business in over 100 countries, including summaries and snapshots of key tax facts and issues.


Cross Border Tax Calculator

Calculate total tax costs and benefits of a cross border transaction including withholding tax, participation exemption and foreign tax credit rules.


Cross Border Tax Rates

Provides Domestic, treaty and EU cross border tax rates for over 5,000 country combinations for 9 different payment streams.



Complete overview of the OECD BEPS Project, including daily BEPS news, country adoption of BEPS measures, and an overview of the 15 BEPS Actions.


Tax Calendar

Customizable calendar tool that tracks corporate income tax, value added tax and transfer pricing obligations by country or entity.


Tax Forms

English translations of key tax forms for over 80 countries, including tax return forms, treaty benefit forms, withholding tax forms, and more.


Worldwide Tax Treaties

Repository including thousands of tax treaties (in English), OECD, UN and US Models, relevant EU Directives, Technical Explanations, and more.


Worldwide Tax Planner

Calculates the worldwide tax cost of what-if scenarios based on legal entity structure, taxable income, and cross border transactions.


Certified Rates Report

Customizable Certified Rates Report providing updated corporate and withholding tax rates at the end of each month for over 100 countries.


Withholding Tax Minimizer

Enables quick calculation of tax costs and benefits of cross border transactions considering all possible transaction combinations and optimal routes.


VAT Rates

Provides value added tax (VAT) rates, goods and services tax (GST) rates and other indirect tax rates for over 100 countries.


NOL Calculator

Country specific calculator to determine how net operating losses can be utilized in carryback and carryforward years.


Transfer Pricing Calculator

Calculates TP ratios under various TP methods and calculates the difference between target ratios and actual ratios.


Individual Income Tax Rates

Individual tax rates for over 100 countries.

Play of the Day

FX Rates

Global FX Rates including Tax year Average FX Rates and Spot Rates for all Reporting Currencies.

We’re here to help

We’re here to answer any questions you have about the Orbitax products and services.

Send us a message

Who’s behind Orbitax?

We’re committed to providing high value, low cost tax research and management solutions.

Learn More