The Portuguese Parliament has approved Law No. 26/2026, which transposes DAC8 and DAC9 and amends the administrative cooperation framework in tax matters, with particular emphasis on crypto-asset reporting and the automatic exchange of information relating to the Global Minimum Tax under the OECD Pillar Two framework.
What is changing?
The new framework strengthens tax transparency and aligns Portugal with OECD standards, including the Crypto-Asset Reporting Framework (CARF) and the Global Anti-Base Erosion (GloBE) rules.
The main measures include:
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New crypto-asset reporting framework
A specific reporting and automatic exchange of information regime for crypto-assets is introduced, aligned with the framework applicable to financial accounts under the Common Reporting Standard (CRS).
Crypto-Asset Service Providers (“CASPs”) will be subject to the following obligations:
- identification and verification of users;
- collection of relevant tax information;
- periodic reporting of transactions carried out by users;
- implementation of due diligence procedures.
These obligations follow the CARF framework and require the collection and validation of the information necessary to determine users’ tax residence.
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Reporting to the Portuguese Tax Authorities regarding users resident in Portugal
The law also regulates Article 124-A of the Portuguese Personal Income Tax Code, requiring CASPs to report information concerning:
- crypto-asset users who are tax residents in Portugal; and
- entities whose controlling persons are tax residents in Portugal.
- The reporting must be submitted electronically to the Portuguese Tax and Customs Authority by 31 May of each year in respect of transactions carried out during the previous calendar year.
This obligation applies even to service providers established in other jurisdictions that participate in international cooperation mechanisms. The information collected will be subject to automatic exchange between the tax authorities of participating jurisdictions.
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Revision of financial reporting rules
The law updates the Financial Information Reporting Regime (RCIF), adapting it to the amendments introduced by the OECD to the CRS and ensuring consistency with the new crypto-asset reporting framework.
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Implementation of DAC9 and the exchange of GloBE information
In the context of the Global Minimum Tax, the law introduces mechanisms for the automatic exchange of information relating to GloBE Information Returns, in line with the OECD Pillar Two framework.
The objective is to avoid duplicative reporting obligations and strengthen cooperation between tax administrations in the application of the Global Minimum Tax rules.
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Impact on businesses
The new rules affect crypto-asset service providers, digital platforms, fintech companies, financial institutions and multinational groups subject to the Global Minimum Tax.
These entities should review their information collection processes, due diligence procedures, data protection policies and reporting systems to ensure compliance with the new obligations.
The new framework strengthens not only reporting obligations but also enforcement mechanisms and the consequences of non-compliance.
The amendment to Article 29º of the Complementary Regime for Tax and Customs Inspection Procedures expressly provides that the Portuguese Tax Authority may verify compliance with these obligations by financial institutions, digital platform operators and crypto-asset service providers.
In practice, this amendment clarifies the legal basis for tax inspections relating to user identification procedures, tax information collection, due diligence requirements and compliance with reporting obligations.
Failure to submit, or late submission of, the required returns and reports to the Portuguese Tax Authority is subject to penalties.
Failure to report the information required under the new Article 124-A of the Portuguese Personal Income Tax Code may result in fines ranging from €2,000 to €22,500. Where the information is submitted after the statutory deadline, fines range from €1,000 to €22,500.
It is therefore essential that affected entities review their tax and regulatory compliance procedures in a timely manner.
Belzuz Abogados, S.L.P. regularly advises financial institutions, fintech companies, crypto-asset service providers and multinational groups on adapting to new tax and regulatory requirements, providing integrated legal and tax support in the implementation of their compliance obligations.