Portugal given 2 months to action 15% tax law on multinationals

 In Companies, EU, News, Tax

Portugal has been given two months by Brussels to action an EU law that stipulates that multinational companies must pay a minimum of 15% taxes on their profits.

So far, Portugal has failed to notify the European Commission of national measures to action the directive for a 15% minimum effective tax.
In a communiqué issued on Thursday, the EC indicated that Portugal and eight other Member States (Estonia, Greece, Spain, Cyprus, Lithuania, Latvia, Malta, and Poland) had not informed its measures to enact the directive in their respective countries by the deadline of December 31, 2023.
The community law, which came into force on January 1, to introduce the minimum 15% tax on large companies active in the EU, covers multinationals and large national groups with combined revenues of over €750 million per annum.
If Portugal fails to enact the law locally, the EC can take Portugal to court in an infringement process.