&NewLine;<p>A recent publication of Order n&period;º 233&sol;2018&comma; dated August 21, 2018&comma; has clarified and specified the provisions of the Legal Regime of the Central Register of Beneficial Owners &lpar;RCBE&rpar;&period; This complements the provisions of Law 89&sol;2017&comma; of August 21&comma; which approved this regime&comma; also reinforcing the elements set out in Law 83&sol;2017&comma; of August 18&comma; governing the fight against money laundering and the financing of terrorism&period; The main aim of these regulations is to govern the practical implementation of the RCBE&comma; standards, particularly with regard to deadlines&comma; forms&comma; reporting obligations and&rsquo&semi;access to&rsquo&semi;information&period;</p>&NewLine;&NewLine;&NewLine;&NewLine;<h2 class="wp-block-heading">New regulations concerning the Central Register of Beneficial Owners &lpar;RCBE&rpar; in Portugal &colon; What you need to know</h2>&NewLine;&NewLine;&NewLine;&NewLine;<p>The RCBE is set up to collect accurate and up-to-date information on the beneficial owners of certain entities&comma; in accordance with the 4th anti-money laundering and terrorist financing directive &lpar;AMLD 4&rpar;&period; In parallel&comma; the&rsquo&semi;adoption of the <strong>Directive &lpar;UE&rpar; 2016&sol;2258 &lpar;DAC 5&rpar;</strong> facilitates access to and the exchange of information between the tax administrations of EU member states, thereby strengthening control over tax planning activities that were previously outside the scope of this process;</p>&NewLine;&NewLine;&NewLine;<div class="wp-block-image">&NewLine;<figure class="aligncenter size-full is-resized"><a href="https://vivreauportugalconsulting.com/creer-une-entreprise-au-portugal/"><img src="https://vivreauportugalconsulting.com/wp-content/uploads/2023/09/creer-votre-entreprise-au-portugal.jpg" alt="créer votre société au portugal, créer, société, rcbe" class="wp-image-11001" style="width:394px;height:auto"/></a></figure></div>&NewLine;&NewLine;&NewLine;<h3 class="wp-block-heading">Regulations and Mandatory Declarations</h3>&NewLine;&NewLine;&NewLine;&NewLine;<p>Ordinance n&period;º 233&sol;2018&comma; of August 21&comma; regulates the RCBE and specifies several aspects&comma; including &colon;</p>&NewLine;&NewLine;&NewLine;&NewLine;<ul class="wp-block-list">&NewLine;<li>Beneficial owner declaration forms&comma; which will be available online and can be authenticated by various means &lpar;for example&comma; identity card&semi;identity&comma; digital mobile key&comma; professional certificates&comma; etc&period;&rpar;</li>&NewLine;&NewLine;&NewLine;&NewLine;<li>Circumstances determining the status of beneficial owner&comma; in accordance with the provisions of Act 83&sol;2017</li>&NewLine;&NewLine;&NewLine;&NewLine;<li>Deadlines for the communication of information to the RCBE by the Registre Central des Personnes Morales&comma; and the&rsquo&semi;administration fiscale&period;</li>&NewLine;&NewLine;&NewLine;&NewLine;<li>The public availability of information on beneficial owners and search procedures&period;</li>&NewLine;&NewLine;&NewLine;&NewLine;<li>The methods for&rsquo&semi;extracting&semi;information from the&period database;</li>&NewLine;&NewLine;&NewLine;&NewLine;<li>Deadlines for the first declaration of existing entities under the RCBE&period regime;</li>&NewLine;&NewLine;&NewLine;&NewLine;<li>The procedures for communicating obliged entities to the sectoral authorities for the&rsquo&semi;identification of entities&period;</li>&NewLine;</ul>&NewLine;&NewLine;&NewLine;&NewLine;<h3 class="wp-block-heading">Penalties and tax consequences</h3>&NewLine;&NewLine;&NewLine;&NewLine;<p>Failure to comply with <a href="https://rcbe.justica.gov.pt/" target="_blank" rel="noreferrer noopener">RCBE</a> can result in severe penalties up to a fine of €1,000 to €50,000&period; Offending entities are also severely restricted in their activities&period; In addition&comma; restrictive measures are imposed until reporting obligations are fulfilled&period;</p>&NewLine;&NewLine;&NewLine;&NewLine;<p>In addition to these sanctions, there are also tax implications, such as the application of anti-abuse standards, encouraged by the exchange of information between tax authorities. These exchanges enable better application of anti-abuse tax standards, such as the general anti-abuse clause set out in the General Tax Law;</p>&NewLine;&NewLine;&NewLine;&NewLine;<p>Entities subject to the EBTR must not only meet their reporting obligations, but also identify their beneficial owners and gather precise information about them. This can be a complex task, as the mere ownership of shares is not always enough to determine who really controls the entity;</p>&NewLine;&NewLine;&NewLine;&NewLine;<p>In summary&comma; the regulations brought in by&rsquo&semi;ordonnance n&period;º 233&sol;2018 highlight the procedures and responsibilities of entities subject to the RCBE&comma; underlining the&rsquo&semi;importance of complying with the deadlines and reporting obligations set out in this text&period;</p>&NewLine;
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