Reference
The Portuguese State Budget 2016 (Law 7-A/2016) has been promulgated by the President of the Portuguese Republic and has been published in the official journal Diário da República on 30 March 2016, with effective date
31 March 2016
The main changes of this new Law 7-A/2016 are related to:
- The eligibility criteria to the Participation Exemption Regime;
- Amendments to the tax regime applicable to distributing Portuguese Collective Investment vehicles;
- Several exemption mechanisms such as capital gains or repo transactions exemptions; and
- The authorisation for the government to transpose during 2016 the Directive 2014/107/UE and Common Reporting Standard (CRS) to domestic law.
Impact on customers
Our local depository, BNP Paribas Lisbon, is still analysing the impact of this new law on beneficial owners of Portuguese securities invested through Clearstream Banking1.
Customers will be informed as soon as full information is received from BNP Paribas Lisbon.
Further information
For further information about procedures, customers may contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500, and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248.