Crypto-assets, CRS and Pillar 2

Learn about the recent changes to the tax framework in Portugal.

Three legislative instruments that directly impact tax transparency and the compliance obligations of multinational groups and crypto-asset service providers in Portugal have recently been published.

These changes form part of the European Union’s efforts and other international initiatives to strengthen administrative cooperation in tax matters, increase transparency and ensure more effective taxation of the global economy.

The emergence of crypto-assets as an asset class with growing tax relevance has also made it necessary to broaden the scope of the rules on reporting and the exchange of information between jurisdictions. In this context, the new legislation introduces and updates mechanisms for reporting and the exchange of information between jurisdictions, strengthening tax control and promoting greater harmonisation of the applicable rules.

The entities concerned should analyse the impact of these measures on their activities, adapt their processes for collecting and reporting information, and ensure timely compliance with the new obligations.