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Taxman to get access to all bank accounts holding more than €50,000

The Council of Ministers has today approved a diploma that authorises tax department access to all bank accounts holding more than €50,000.

It is a move that will involve banks reporting directly to the taxman, explains noticiasaominuto this afternoon, but which will EXCLUDE tax department access to movements within those accounts.

Also excluded from the list of information will be “products like retirement pension savings plans”, says the website.

But politicians are giving account holders who could find themselves caught-up in this new ‘purge’ until January 1 next year before the diploma comes into effect.

Says a note passed to media desks this afternoon: “The government means to comply with the Portuguese State’s international commitments in this area and reinforce mechanisms considered internationally necessary as forms of combating fraud and fiscal evasion”.

natasha.donn@algarveresident.com