The Portuguese and Spanish tax authorities yesterday signed a series of agreements that will strengthen actions to combat tax fraud and evasion.
One of the measures in this new accord is the exchange of ‘live’ information on taxpayers who earn money in Portugal and Spain, such as top Portuguese footballers playing for Spanish clubs and having financial interests in both countries.
Cristiano Ronaldo, Pepe, Fábio Coentrão, Simão Sabrosa and dozens of others of highly paid sportsmen work in Spain, declare their taxes in Spain, but have many investments in Portugal in different sectors such as restaurants, hotels, and property.
The potential for 'errors' in their tax cross border returns is an enhanced one and we are certain they all will welcome some Finanças' guidance on tax issues that may affect these national heroes.
Companies too: An aspect of this new collaboration will be for those companies with a significant turnover in both countries.
A new team of tax inspectors has been formed to conduct inspections on Portuguese companies in Spain, and Spanish companies in Portugal.
