New Guidelines Clarify Reporting Obligations

Portugal Postpones MDR Reporting Deadlines for Six Months

New Guidelines Clarify Reporting Obligations

Reporting Deadlines Extended

The Portuguese government has postponed the mandatory reporting deadlines for the Model for the Automatic Exchange of Country-by-Country Reports (MDR) by six months. The new deadlines are as follows:

• For fiscal years ending on or after December 31, 2021: August 31, 2023
• For fiscal years ending on or after December 31, 2022: February 28, 2024

Guidance Clarifies Reporting Obligations

In addition to postponing the reporting deadlines, the Portuguese Ministry of Finance has also issued guidance clarifying certain areas of the MDR Law. The guidance addresses the following issues:

• The definition of a "Portuguese intermediary"
• The reporting obligations of non-resident entities
• The penalties for non-compliance

Conclusion

The Portuguese government's decision to postpone the MDR reporting deadlines and issue guidance clarifying reporting obligations is a positive step forward. The new deadlines will give businesses more time to comply with the new reporting requirements, and the guidance will help to ensure that businesses understand their obligations.

Businesses that are subject to the MDR reporting requirements should take steps to ensure that they are prepared to file their reports by the new deadlines.