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Portugal

31 May 2019

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Portugal Finalizing Legislation for DAC6 Mandatory Disclosure Requirements on Tax-Planning Arrangements

Portugal's Ministry of Finance is reportedly finalizing draft legislation to implement the disclosure requirements of Council Directive (EU) 2018/822 of 25 May 2018, otherwise known as DAC6 (previous coverage). The Directive provides for the reporting of potentially aggressive cross-border tax-planning arrangements that primarily applies to intermediaries that design, market, organize, or manage the implementation of a reportable cross-border arrangement.

Further to cross-border arrangements, the Portuguese implementation, as drafted, would go beyond the Directive to also introduce disclosure requirements in respect of certain domestic arrangements in the Portuguese territory, including in relation to value added tax (VAT). In addition, the Portuguese implementation does not currently include the legal professional privilege exemption for intermediaries to report, although this may be added.

The new requirements are to apply from 1 July 2020, although information on earlier cross-border arrangements must be reported where the first step of a reportable arrangement was taken between 25 June 2018 and 30 June 2020. Information on reportable domestic arrangements must be reported where the first step of a reportable arrangement was taken between the date of entry into force of the legislation and 30 June 2020.

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