Tag Archives: tax haven

State Budget 2021 – tax havens

29 Tuesday Dec 2020

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The imposition of IMI and IMT for companies directly or indirectly based in so-called tax havens, approved in the State Budget, does not distinguish between the jurisdictions with which Portugal has double taxation (ADT) and information exchange (ATI) agreements from those in which complete opacity prevails in capital movements. Sovereign funds and other investors from Oman, the United Arab Emirates or Qatar as well as investors based in Hong Kong – all included in the list of tax havens but with ADT with Portugal – will be some of the hardest hit. The same happens with the Cayman Islands, Jersey, Guernsey, Isle of Mann or Panama, where the funds are established, which aggregate a large part of institutional investors worldwide.

The EU Blacklist and “Tax Haven USA”

22 Friday Sep 2017

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Beyond an unequivocal stance on climate change, the recent G20 summit also devoted significant attention to the issue of “tax transparency”. The US is currently the only major financial centre not to sign up to the Common Reporting Standard (CRS). The G20 communiqué threatens sanctions against countries not meeting the agreed international standards which include the full adoption of CRS.

Will the US give up its opaque stance (“Tax Haven USA”)? Will the OECD and the EU have the courage to blacklist the US if it fails to adopt CRS before 2018? The EU is now actively promoting the CRS as the standard it expects the US – and the rest of the world – to meet. We will watch with interest the EU blacklisting harmonisation process in the coming months.

Residents in offshore tax havens exempt from “AIMI”

22 Friday Sep 2017

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Individuals who reside in tax havens and own residential property in Portugal are free from paying the 7.5% surcharge applied to the new Additional Municipal Property Tax (“AIMI”). Only companies domiciled in tax havens – offshore companies – are subject to the aggravated rate on the full ratable value (“VPT”) of residential properties. “AIMI” replaces Stamp Tax, which provided for the application of a tax rate of 1% on each property with a “VPT” greater than one million euros.

Residents in offshore tax havens exempt from “AIMI”

24 Thursday Aug 2017

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Individuals who reside in tax havens and own residential property in Portugal are free from paying the 7.5% surcharge applied to the new Additional Municipal Property Tax (“AIMI”). Only companies domiciled in tax havens – offshore companies – are subject to the aggravated rate on the full ratable value (“VPT”) of residential properties. “AIMI” replaces Stamp Tax, which provided for the application of a tax rate of 1% on each property with a “VPT” greater than one million euros.

EU Agrees Criteria For Tax Haven Blacklist

24 Thursday Aug 2017

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The European Council resolved that a common EU list of non-cooperative jurisdictions will be determined by the Council by the end of 2017. To be considered compliant on tax transparency, a country will need to commit to implementing the Common Reporting Standard (CRS). It must also have arrangements in place to exchange automatically tax information with all EU member states.