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Portugal Sets New Data Reporting Obligations For Entities with Foreign Investment
Based on Internal Instruction nr. 27/2012, the Bank of Portugal (BdP) has set new statistical data reporting obligations, for resident individuals and companies, who make their entry into economic and financial activities in foreign countries.
According to the new regulations, the data report should include information on the following:
· Statistic classification of the operations
· As per BdP tables, monthly net balance of the final positions
· Tax identification numbers
· Operations’ nature and amounts
· Currencies and bank account details
· Maturity dates
· Financial flows
· Foreign countries’ identification
Some of the key action points are:
· Keeping in mind the compliance, non-banking entities must submit their monthly data reports by the 15th day of the following month.
· Foreign operations’ monthly reporting starts from January 2013 which includes December 2012 data for all entities except for banks.
· Points that need to be reported, in case of doing transactions with non-resident entities are:
1. economic and financial operations which involves exchange or transfer of money,
2. monthly net balances pertaining to bank deposits and financial and commercial credit balances.
For more information on this topic email firstname.lastname@example.org
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