In series:Global Forum on Transparency and Exchange of Information for Tax Purposes: Peer Reviewsview more titles
Published on March 16, 2015
The Phase 2 review rates Portugal overall as largely compliant with the international standard. Portugal’s legal framework generally ensures that ownership information, accounting and bank information is available according to the standard. Portugal’s tax administration has broad powers to access accounting information and information on the ownership of legal entities. The report raises some concerns regarding access to bank information, but notes that improvements in this area have already been made. The report notes that Portugal should ensure that its access powers and procedures are effective in relation to all requests for bank information, irrespective of when the relevant operations and transactions took place. Portugal generally has in place appropriate organisational processes to ensure effective exchange of information. However, the report notes that Portugal should put in place adequate processes and guidance to ensure that all requests for banking information are answered in a timely manner. Portugal should report steps taken to address the recommendations made in the report within one year. For further information on Portugal’s exchange of information practices and to read the full report click here.