Tax authorities will control (even more) as money in the bank

Tax authorities will control (even more) as money in the bank

  • admin
  • February 25, 2016

More accurate data facilitates control of the assets of the taxpayers and the detection of undeclared income.

The Executive wants to give banking knowledge to finance more information relating to its customers. Currently, banks already offer data to the tax authorities, but this exchange of information should prove to be reformed. In addition to the income will be included in the balance of accounts as well as other indicators.

The Business Journal progresses, Thursday, that the measure will be included in the state budget proposal for 2016 in the form of request for legislative authorization. Remember that one draft of the document will also be sent to Brussels and discussed in parliament.
What the Government intends in this way is that the bank informs the Portuguese authorities the same type and amount of information that is already communicated to foreign states, under two international megaprojects bank information swappable. At stake are the FATCA (with the US) and CRS (with OECD countries).

A reciprocal logic, also those States shall inform the Portuguese authorities on bank data lusos residing in its territory. This makes the state better know the situation of Portuguese living abroad than those who live in the country.

If the intention of the Executive advance, there will be equality in this matter, as well as better control of the assets of each taxpayer, which will detect more quickly fortunes unreported.