Jersey, the Isle of Man and Uruguay removed from the Portuguese blacklist

02/01/17

In brief

Jersey, the Isle of Man and Uruguay were removed from the Portuguese list of tax havens as per Decree nr. 150/2004, of 13 February (updated by Decree nr. 292/2011, of 8 November).
 



In detail

Such amendment results from Decree nr. 345-A/2016, of 30 December, which entered into force on 1 January 2017. It is based on the following:

  • Jersey, the Isle of Man and Uruguay are all members of the Global Forum on Transparency and Exchange of Information for Tax Purposes of the OECD, being Jersey and Uruguay considered as «largely compliant» and the Isle of Man as «compliant»;
  • A Tax Treaty is in force between Portugal and Uruguay, which foresees exchange of information for tax purposes;
  • Agreements for the Exchange of Information Relating to Tax Matters are in force between Portugal and Jersey and between Portugal and the Isle of Man; and
  • All these jurisdictions have joined the OECD's Multilateral Competent Authority Agreement for the Common Reporting Standard.

Apart from the ones mentioned, no other jurisdictions were removed from the Portuguese blacklist of tax havens.




© 
2017 PwC. This communication is of an informative nature and intended for general purposes only. It does not address any particular person or entity nor does it relate to any specific situation or circumstance. PricewaterhouseCoopers & Associados – Sociedade de Revisores Oficiais de Contas, Lda. We will not accept any responsibility arising from reliance on information hereby transmitted, which is not intended to be a substitute for specific professional business advice.
 

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