TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

EU: Portuguese Tax Amnesty

The European Commission considers that the 2005 Portuguese tax amnesty was contrary to EC Law because it provided for regularisation at a preferential penalty rate of 2.5% for investments in Portuguese government bonds (instead of 5% in any other assets).

It is the opinion of the Commission that the law called “Tax amnesty for undeclared funds held abroad (RERT)” approved by the Portuguese Parliament in 2005 constituted a restriction on the free movement of capital guaranteed by the EC Treaty.

Further information on the reasoned opinion is available at http://europa.eu/rapid/pressReleasesAction.do?reference=IP/07/681&format=HTML&aged=0&language=en&guiLanguage=en.