Tax amnesty covers foreign bank accounts

Within the scope of the Special Program to Reduce Indebtedness to the State( Programa Especial de Redução do Endividamento ao Estado, or PERES, a tax amnesty was approved, that covers tax liabilities from natural and legal persons that are in Portugal or abroad.

This is the last opportunity to disclose foreign undeclared bank accounts, among other non-compliant situations.

One of the most common situations of non-compliance relates to the divergences between the values that are declared by financial institutions to the beneficiaries of a given income and the amounts that are exchanged trough information exchange programs between countres.

By joining this tax amnesty, you can save up to 50% of the applicable fines and interests:

1. Full payment of the total debt amount, with waiver of interests

2. Entering a payment by instalments, with maximum length of 11 years.

The deadline to join PERES ends on the 20th of December of this year.

The content of this information does not constitute any specific legal advice; the latter can only be given when faced with a specific case. Please contact us for any further clarification or information deemed necessary in what concerns the application of the law.