Portugal: Electronic payment of standard refund
LuxCSD informs clients that Portuguese Tax Authorities have announced working on enhancing the payment of tax refunds, replacing cheques by interbank electronic transfer (TEI) to a third-party bank account.
Consequently, clients will be required to submit a notarised Power of Attorney along with the usual MOD 22-RFI in order to allow LuxCSD, acting as tax substitute, to receive the wires on behalf of the beneficial owner.
This functionality is not yet ready, with development work still pending and no timeline currently available. LuxCSD is following the matter with local agents in Portugal and further information will be published once available.
As of today, the refund payment procedure remains unchanged, with payments continuing to be issued via Portuguese Treasury check.
This Taxflash is intended to provide clients with general information gathered from different sources that are generally believed to be reliable. LuxCSD S.A. does not guarantee the accuracy or completeness of the information and does not undertake to keep it up to date. Use of the information made available in this Taxflash is at the client’s own risk and LuxCSD S.A., its subsidiaries and affiliates expressly disclaim any liability for any errors or omissions reflected herein. The information in this Taxflash does not constitute legal or tax advice. |