GTL – Cross-border Transactions Declaration (“Modelo 38”)
Ordinance n.º 191/2017, of 16 June, was officially published which approves the new declaration form and respective filling instructions, known as Cross-border Transactions Declaration (“Modelo 38”), in order to comply with the obligation referred to in paragraphs 2 and 6 of article 63-A of the General Tax Law.
This declaration shall be submitted through electronic transmission of data by credit institutions, financial companies and other entities providing payment services for the reporting of transactions relating to transfers and remittances of funds that have as destination an entity located in a country, territory or region with a more favorable privileged tax regime made from 1 January 2016 and subsequent years indicating the total number and total value of the records.
It is also clarified that not only individual transfers of more than EUR 12 500 but also fractional transactions which together exceed that amount should be reported for all jurisdictions listed in Annex III of Bank of Portugal notice n.º 8/2016.
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