Portugal Gazettes Law on Account Reporting Under DAC2, FATCA

The Portuguese Official Gazette Feb. 14 published a law amending previous reporting provisions implementing the EU directive on the mandatory automatic exchange of information in tax matters (DAC2) and the U.S. Foreign Account Tax Compliance Act (FATCA). The law includes measures to: 1) require financial institutions to report financial accounts with balances or investments exceeding 50,000 euros (US$56,360) annually by Dec. 31; 2) require financial institutions to submit electronically beneficiaries’ account information from the previous year annually by July 31; 3) comply with international data confidentiality standards; 4) implement due diligence obligations for financial institutions that must identify residents’ accounts; ...