The law increases the reporting information and states that the finance ministry must issue the regulations for the law within three months.
“The tax authority must publish on its Internet every year, the total amount of the transfers to tax havens, along with the reason for the transfer and the kind of operation”, the law said.
Between 2011 and 2015, when Paulo Núncio was the secretary of state of tax, the tax authorities published no such information.
The statistics only began to be published once again when the current secretary of state, Fernando Rocha Andrade, took office and the finance ministry discovered there were 20 cross-border transfer declarations “that were not handled at all by the tax office”.
The 20 declarations involved about €10 billion that were transferred to tax havens between 2011 and 2014.