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Portuguese Banks Must Shoulder New Transactions Tax

by Ulrika Lomas, Tax-News.com, Brussels

05 June 2017


Banks in Portugal will no longer be able to pass a tax on card transactions on to customers, the country's Assembly has ruled.

In a note, the Assembly clarified that "the holder of economic interest in the fees," which it described as credit institutions, financial companies or other entities legally equivalent to them, should be solely responsible for paying the tax.

The law was approved on March 31 and came into effect on May 24, 2017.

TAGS: tax | business | sales tax | Portugal | fees | tax reform | Tax | Financial Transactions Tax (FTT)

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