The Assembly of the Republic of Portugal adopted Legislative Decree 17/2019 on 14 February 2019. The law amends the current implementation of the rules governing the automatic exchange of information in tax matters under Council Directive 2014/107 / EU. This Act applies to information that falls under the mandatory reporting system for financial accounts of which the holders or beneficiaries are domiciled in 2018 and subsequent years.
The automatic exchange of information covers depository accounts, custodial accounts, cash value insurance contracts and annuity contracts. Other investment accounts whose balance at the end of each calendar year exceeds EUR 50,000 are also subject to automatic exchange of information.
The Decree-Law is came into force from 14 February 2019.
