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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 others.

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 government.