25 February 2016 Portugal introduces Country-by-Country Reporting Portugal's law no. 12/XIII — State Budget Law for 2016 (SBL 2016), published on February 5, introduces changes to the Corporate Income Tax Code, namely in Transfer Pricing matters by adding article 121.º-A that introduces an obligation for multinational groups to submit a declaration with financial and tax related information - country by country (CbC) reporting. Reporting will be mandatory for fiscal years starting in 2016. According to the new provisions of no. 6 of article 117.º of the General Regime of Tax Infractions, failure to submit such a declaration will result in a penalty ranging from €1000 to €20,000. SBL 2016 is still subject to discussions and approval from the Portuguese Parliament. Document ID: 2016-0380 |
