Archive for February, 2017

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Portugal ratifies agreements with BVI and Guernsey regarding exchange of information on tax matters

In on February 17, 2017 by NEWCO

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Yesterday, the Government Gazette published Presidential Decree no. 15/2017 which ratifies the Agreement between the Portuguese Republic and the government of the British Virgin Islands regarding exchange of information for tax purposes, signed in London on 5 October 2010 and approved via Assembly of the Republic Resolution no. 25/2017 on 6 January 2017.

Today, the Government Gazette also published Presidential Decree no. 17/2017, ratifying the Agreement between the Portuguese Republic and Guernsey regarding exchange of information on tax matters, signed in London on 9 July 2010 and approved via Assembly of the Republic Resolution no. 27/2017, on 6 January 2017.

For a long time, Portugal, the British Virgin Islands and Guernsey have been attempting to prevent financial and other crimes, particularly focussing on the financing of terrorism. On 21 February 2002, Guernsey politically agreed to adopt the principles of the Organization for Economic Cooperation and Development as regards effective exchange of information. On 2 April of the same year, the British Virgin Islands formally made a political commitment in writing regarding OECD principles on transparency and exchange of information, and subsequently actively participated in the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes.

It is therefore the common will of these territories to intensify and facilitate the terms and conditions that regulate the exchange of information for taxation purposes. The complete list of agreements can be consulted here.

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Portugal signs a new double taxation convention and two new agreements on the exchange of tax-related information

In on February 14, 2017 by NEWCO

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Double taxation convention between Portugal and the Principality of Andorra.

Under Presidential Decree 12/2017, published today in the Diário da República (Official Portuguese Gazette), the convention to avoid double taxation and guard against income tax evasion, entered into by the Portuguese Republic and the Principality of Andorra has been ratified. The convention was signed in New York on 27 September 2015 and approved by Parliamentary Resolution 22/2017, on 22 December 2016.

The main aim of this convention is to eliminate double international taxation in respect of the different categories of income earned by residents of both countries, and to guard against tax evasion. A more stable and transparent tax framework has been created for investors and other taxpayers in both countries. This has had a positive impact on the trade of goods and services, cash flows, technology transfers and the circulation of people between Portugal and Andorra.

Agreements on the exchange of tax-related information:

Portugal / Belize: Under Presidential Decree 13/2017, published today in the Diário da República (Official Portuguese Gazette), the agreement entered into by the Portuguese Republic and Belize on the exchange of tax-related information has been ratified. The agreement was signed in London on 22 October 2010 and approved by Parliamentary Resolution 23/2017, on 6 January 2017.

Portugal / Turks and Caicos Islands: Under Presidential Decree 10/2017, published today in the Diário da República (Official Portuguese Gazette), the agreement entered into by the Portuguese Republic and the Turks and Caicos Islands on the exchange of tax-related information has been ratified. The agreement was signed in London on 21 December 2010 and approved by Parliamentary Resolution 20/2017, on 6 January 2017.

These agreements are the result of a mutual desire by the territories in question to intensify and facilitate the terms and conditions regulating the exchange of tax-related information.

Check the full list of agreements here.

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