Government will adopt policy that requires banks to inform tax authorities about customer accounts – Digital Journal

An official source at the Ministry of Finance moved the Lusa agency that Portugal is to ‘consider how to implement these international measures regarding the exchange of banking information, which will be required under the agreement signed by the previous government with the United States (FATCA) and transposition, soon, Portugal European OECD directive (CRS – Common Reporting Standard). ‘

Today’s edition of the Business newspaper reveals that the Portuguese government wants to take advantage transpose the automatic exchange of information policy to require banks to give to the tax authorities more data about their customers’ investments, residing in Portugal, adding that the legislative authorization given in the next State Budget (SB) 2016.

However, the same source of the Ministry of Finance declined comment on the proposal contained in the State Budget, referring to details after the presentation of the same, whose ‘draft’ has delivery scheduled in Brussels in sexta- fair.

Speaking to Lusa, the coordinator of the National Data Protection Commission (CNPD), Clara Guerra explained that “there is data protection matter contained in diploma projects, there is a legal obligation to seek the opinion of the DPA. “

” At that time, the DPA will examine the proposal content and will give your position, which will be public, “said Clara Guerra, noting that that body,” at this point, is not in a position to comment. “

Currently, explains Business, entities that pay income subject to withholding tax rates (such as interest and dividends) already have to submit annually to the tax authorities information on the income that customers earn, but with the new policy, the idea is to extend the range and in addition to the income of the day, also the balances and traditional accounts will be covered, as well as the majority of accounts with investment features, ‘unit- links or custody accounts.

With this measure “will be better controlled the heritage of each, facilitating the detection of signs of wealth offset income and put banks to give to the Tax Authority the same type of information that is already required to give foreign states “, according to the financial newspaper.

In recent years, banks have been making some adjustments to its customer databases, to prepare for the two international projects of automatic exchange of bank information, and in particular FACTA (imposed by the United States to the world banking system) and CRS – Common Reporting Standard, promoted by the OECD (Organisation for Economic Co-operation and Development)

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Also according to the Business, for banks and other financial institutions it is extending to residents a practice to which they are already required in relation to its customers non-residents.

The international policy dispenses this communication balances of less than 250,000 euros

Digital Money with Lusa

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