21 April 2016 Portuguese Parliament approves country-by-country reporting requirements Portugal's law no. 7-A/2016 — State Budget Law for 2016 (SBL 2016), published on March 30, introduces changes to the Corporate Income Tax Code namely in Transfer Pricing matters by adding article 121-A, which introduces an obligation for multinational groups to submit a declaration with financial and tax related information - country by country (CbC) reporting. Reporting is mandatory for fiscal years starting in 2016. According to the new provisions of no. 6 of article 117 of the General Regime of Tax Infractions, failure to submit such a declaration will result in a penalty ranging from €1000 to €20,000. Document ID: 2016-0726 |
