Country by Country Report (CbCR)

06/24/2020

Declaration of financial and tax information by country

The final parent entity, or the replacement parent entity of a group of multinational companies whose total consolidated income, as reflected in its consolidated financial statements, is, in the immediately preceding period, equal to or greater than EUR 750 million shall submit a financial and tax information statement by country or tax jurisdiction relating to the constituent entities of that group.

It is also obliged to submit a declaration by country or tax jurisdiction, for each tax period, to constituent entities resident in Portuguese territory, other than the final parent entity of a group of multinational companies, if one of several conditions occurs (e.g. whether they are owned or controlled, directly or indirectly, by non-resident entities which are not obliged to submit the same declaration).

Any entity, resident or with a permanent establishment in Portuguese territory, which is part of a group in which any of the entities is subject to the submission of a financial and tax information statement by country or tax jurisdiction, as indicated above, shall communicate electronically, whether it is the reporting entity or, if not, identify the reporting entity of the group and the country or jurisdiction in which it is resident for tax purposes. It must do so by the last day of the 5th month following the end of the tax period by rule by 31 May.

In this area, the Model 54 Declaration and or the Model Declaration 55 shall be submitted to the Tax and Customs Authority (TA).

How can Moneris help?

Our Tax Advisory area,through its professionals specialized in tax matters and transfer pricing, can assist them in the validation of requirements and in the preparation of communications to be made to THE.