Parliament makes publication of offshore transfer totals mandatory

The Portuguese parliament voted unanimously to pass a draft law by the Left Bloc that makes it mandatory to publish the annual total and destinations of transfers to offshore accounts, regardless of any ministerial decisions.

Tax office statistics with the amounts transferred to offshore accounts were not published between 2011 and 2014.

The statistics only began to be published again on the decision of the current secretary of state of tax affairs, Fernando Rocha Andrade, and the finance ministry noticed there were 20 declarations of cross border operations that “were not analysed by the tax authorities”.

In question are almost €10 billion that was transferred offshore without the tax authorities analysing it between 2011 and 2014.