Portugal

Portugal: DTA with Ethiopia enters into force

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The Double Taxation Agreement (DTA) between Ethiopia and Portugal entered into force on 9 April 2017. The agreement provides for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.

Hong Kong: Government signed AEOI agreement with Portugal and South Africa

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The government of Hong Kong has signed agreements with Portugal and South Africa for conducting automatic exchange of financial account information in tax matters (AEOI). A Government spokesman said on 03 April 2017 that they have been seeking to expand Hong Kong’s AEOI network with their tax treaty partners. The signing of agreements with two more jurisdictions, bringing up the number of Hong Kong’s AEOI partners to a total of eleven (including Belgium, Canada, Guernsey, Italy, Japan, Korea, Mexico, the Netherlands and the United Kingdom).

On March 2017, the government introduced the Inland Revenue (Amendment) (No. 3) Bill 2017 into the Legislative Council which seeks to include Hong Kong’s newly confirmed AEOI partners as well as prospective ones in the list of “reportable jurisdictions” under the Inland Revenue Ordinance.

Andorra, Portugal DTA enters into force

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On 23 April 2017, the Double Taxation Agreement (DTA) between Andorra and Portugal will enter into force for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The treaty generally applies from 1 January 2018.

Portugal ratifies DTA with Andorra

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On 26 January 2017, Mr. Marcelo Rebelo de Sousa, the President of Portugal signed a decree ratifying the Double Taxation Agreement (DTA) with Andorra and it still needs to be published in the Official Gazette.

Finland: Parliament ratifies DTA with Portugal

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The Finnish Parliament on 21 December 2016 approved the income tax treaty between Finland and Portugal. The treaty was signed on 7 November 2016 in Brussels. The new agreement will be replaced by the existing Finland-Portugal Income and Capital Tax Treaty (1970) when it will in force and effective.

Portugal- Extension of the deadline for filing Country-by-Country reporting notification

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The Secretary of State for Tax Affairs’ Office of Portugal published Decree no.254/2016-XXI (dated 12 December 2016) on 15 December 2016 which extends the deadline to submit the mandatory Country-by-Country (CbCR) notification for the fiscal year 2016 to 31 May 2017.

Accordingly every Portuguese constituent entity and permanent establishments of foreign entities in Portugal establishing part of a multinational group subject to the CbCR requirements is now required to notify electronically the Portuguese Tax Authorities about which entity of the group will be responsible file the Country-by-Country reporting notification on behalf of the group by 31 May 2017.

Portugal-Parliament approved Budget for 2017

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The parliament of Portugal approved the Budget for 2017 on 29 November 2016. The approved Budget introduces a new sugar tax on soft drinks. If certain conditions are satisfied then countries that are not blacklisted will be able to have a more favourable tax regime than Portugal. Also, the personal income surtax which was introduced in 2016 will further be extended to 2017 with reduced rates.