Portuguese Parliament Approves Decree to Implement DAC6 Reporting Requirements

According to an update from the Portuguese Parliament, the Decree establishing the rules for the implementation of Council Directive (EU) 2018/822 of 25 May 2018 (DAC6) on reportable tax arrangements has been approved and sent for promulgation on 25 June 2020. This includes rules for the required reporting of potentially aggressive tax-planning arrangements that primarily applies for intermediaries but may also apply for taxpayers.

As provided in the Decree, Portugal’s implementation of DAC6 includes some important differences as compared to the implementation by most other EU Member States. One of the key differences is in the scope of taxes covered, which includes not only cross-border arrangements as required by the Directive, but also internal arrangements involving personal and corporate income tax, VAT, municipal property and transfer tax, or stamp duty.

The new requirements will apply from 1 July 2020, with reportable arrangements to be reported within 30 days from the earlier of:

  • the day after the date the arrangement is made available for implementation;
  • the day after the date the arrangement is ready for implementation; or
  • the moment the first step of the arrangement is implemented.

Further, cross-border arrangements must be reported by 31 August 2020 where the first step of implementation was taken in the period between 25 June 2018 and 30 June 2020. Failing to comply with the requirements may result in penalties of up to EUR 80,000.

Note – The Decree was approved before the recent approval of the optional deferral of DAC6 reporting in the EU by up to 6 months. As such, the deadlines as per the Decree may change. Further details will be published once available.

Fonte :Orbitax International Plaform

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