Portugal Expands Tax Treaty Remit
Friday, June 24, 2011
Portugal is to add to its collection of tax treaties still further, with the
announcement that negotiations have been concluded with two key countries, and that
a new tax information exchange agreement (TIEA) has been signed.
It was announced on June 20 that negotiations on double tax agreements (DTAs)
have been concluded with both Japan and Vietnam. In both cases, the Portuguese
government hopes to sign the DTAs by the end of the year.
The government also released the news that Guinea-Bissau's National Assembly
had ratified the DTA with Portugal. It had been signed on October 17, 2008, and
can now enter into force.
Portugal currently has 62 DTAs, and is in the process of negotiating several
The government has also secured the signature of a TIEA with Anguilla, it said
on June 17. The TIEA is based on the OECD model, and provides for the exchange
on information about the movement of funds, along with ownership of companies,
foundations, trusts or other such vehicles. It is also designed to combat tax
evasion and fraud.
The deal is Portugal's 16th TIEA, 15 of which have been signed by the current