Tax havens: over 30 billion euros ‘flies out of Portugal’ between 2016-2018

State loses billions as multinationals transfer profits offshore

The Portuguese State is losing billions as multinationals dodge taxes by transferring profits ‘offshore’ (to “countries with greater fiscal advantages”).

“The Missing Profits of Countries” study compiled by the universities of Berkeley and Copenhagen calculate that Portugal has lost 11% of IRC (corporate tax) revenue, amounting in 2016 to around 630 million euros.

The situation puts Portugal “above the global average” for this kind of tax evasion, and the practice “is growing”, says the study – suggesting Portuguese multinationals have transferred almost €3 billion from the country without paying the correct tax.