The Portuguese authorities on 31 March 2016 issued an order extending the deadline under the Foreign Account Tax Compliance Act (FATCA) regime for Portuguese financial institutions to report and communicate the relevant information to the Portuguese tax authorities. The new deadline is 30 June 2016.
The extension to 30 June 2016 is the fourth time that the FATCA reporting deadline has been extended (the deadline was last extended to 31 March 2016). The FATCA reporting deadline extension applies even though Portugal and the United States already signed an intergovernmental agreement (IGA). That IGA has not yet been approved and ratified in order to enable its entry into force. Also, Portugal has not enacted relevant legislation to enable the FATCA reporting by financial institutions.
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