Portugal: FATCA reporting deadline extended to 30 November

The tax authorities in Portugal today announced that the initial reporting deadline for foreign financial institutions has been extended to 30 November 2015 (from the original deadline of 31 July 2015).

Also, while it has been reported that negotiations for an intergovernmental agreement (IGA) between Portugal and the United States have been completed, the IGA has not yet been signed or published.

Moreover, a broad variety of FATCA-related legislation is expected in Portugal, including provisions concerning: (1) persons or entities and their accounts that are excluded from the regime; (2) financial accounts excluded from reporting communication; (3) rules and due diligence procedures as regards to the identification of U.S. accounts subject to reporting communication; (4) rules, procedures, and deadlines for obtaining and transmitting information by financial institutions to the Portuguese tax authorities; and (5) automatic exchange of information and other administrative guidelines.