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Portugal ‘s New Data Reporting Obligations For Entities with Foreign Investment - A Quick Glance

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Portugal ‘s New Data Reporting  Obligations For Entities with Foreign Investment - A Quick Glance Powered By Docstoc
					   Portugal‘s New Data Reporting Obligations For Entities with Foreign Investment - A Quick Glance

Portugal has set new data reporting obligations for resident individuals and companies having foreign investments.
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:

         Economic and financial operations which involves exchange or transfer of money,
         Monthly net balances pertaining to bank deposits and financial and commercial credit balances.

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DOCUMENT INFO
Description: Portugal has set new data reporting obligations for resident individuals and companies having foreign investments.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.