Transfers from Portugal to offshore and special tax territories rose by 10% in 2022, to 7.4 billion euros, and more than a third of this amount was destined for Switzerland, according to data released by the tax office.
Over the past year, and according to statistics released this Friday by Tributária e Aduaneira (AT), a total of 16,141 legal entities have transferred money to countries, territories and regions that Portugal classifies as having a more favorable preferential tax regime.
Of this total, about 8,800 were held by individuals and the rest (about 7,300) by legal entities.
It is about transfers and transfers of funds from residents and non-residents to this typology of territories and countries, and which banks are required to report annually to AT through the so-called Model 38 declaration.
According to these data, in 2022 the value of transfers was 7,409,492,216 euros, an increase of 10% compared to 6,698,118,054 euros registered in 2021.
As the data released exactly one year ago shows, the data published this Friday also indicates that Switzerland is the main destination for these transfers, both residents and non-residents, with the former moving 2.54 billion euros to this country. and the second 1.31 billion euros.
Hong Kong becomes – and also unchanged from the previous year – the second largest destination for these transfers: about 1.22 billion euros (between residents and non-residents).
This is followed by the United Arab Emirates, where 533 million euros were transferred, and Singapore, where 441 million euros were transferred.
The main reason for these transfers is the “cash management transfer”, which amounts to 3.5 billion euros.
In total, when making these transfers, according to the same information, 109,872 transactions were made.
The publication of these data follows from the law, which obliges the Tax and Customs Authority to make these translations public.
The information, according to a regulation published in 2017, “should include the number and value of transfers and remittances made to the intended destinations.”
The Financial Portal should detail “the typology of taxpayers by making independent information about special non-resident taxpayers with a final withholding tax (NIF starting with 45 or 71),” the ruling says.
Author: Portuguese
Source: CM Jornal
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