Portugal’s Minister of Finance Joaquim Miranda Sarmento, has announced the upcoming approval of the project bill for the transposition of the EU’s Pillar Two Directive.
This decision follows a public consultation period that began on Wednesday, 10 July 2024. The tax will be applicable from the tax year of 2024, with the first declarations due in 2026.
The Pillar Two Directive mandates a minimum effective tax rate of 15% for economic groups with turnovers exceeding EUR 750 million.
Following the public consultation, the project bill will be reviewed by the Council of Ministers and subsequently debated in parliament.
The consultation period will conclude on 31 July 2024.
