According to a bill published in the country’s official gazette, the law creates an early warning system for companies headquartered in Portugal and provides for the supply of economic and financial information to the members of management bodies on an annual basis, based on information from the Bank of Portugal analysed by the Portuguese agency for competitiveness and innovation IAPMEI.

The goal is to help managers make decisions supported by data and the government wants to strengthen the warnings to companies.

The tool, currently available in the IAPMEI portal of financial self-diagnosis for companies, has been used and completed by only one-third of the companies registered, according to the decree.

Thus, “until 31 December of each year, tax authorities are to send an e-mail to members of the companies’ management bodies”, it read.