Model Declaration 62 and the respective instructions for completing it have now been approved by Order No. 290/2025/1 of 2 September, whereby companies must report the start of application of the Global Minimum Tax Regime (RIMG).
The RIMG applies to groups of companies with a consolidated annual turnover of €750 million or more and requires monitoring of their overall taxation.
This regime introduced a new complementary tax when the effective tax rate of a covered group (multinational groups and large national groups with a turnover exceeding €750 million), calculated in accordance with the rules now approved, is less than 15% in one of its jurisdictions. This regime was approved by Law No. 41/2024 of 8 November, which transposed Council Directive (EU) 2022/2523 into Portuguese law.
The approval of this new model 62 marks an essential step in the implementation of the Global Minimum Tax Regime (RIMG), as it ensures that large multinational and national groups pay a minimum effective tax rate of 15%, regardless of the jurisdiction in which they are located.
In this Declaration, companies must not only communicate the start of the regime’s application but also identify the ultimate parent entity or the designated entity, whether it is the constituent entity, the designated local entity or the ultimate parent entity, and the respective jurisdiction.
Form 62 must be submitted by the last day of the ninth month following the end of the tax year to which it relates or, in the case of the first year in which the group is covered by the RIMG, within 12 months of the end of that year.
Thus, for groups whose financial year coincides with the calendar year, the first Model 62 Declaration, relating to the 2024 financial year, must be submitted by 31 December 2025.
The return must be filed by each constituent entity in Portugal or, alternatively, by a designated local entity. In this case, the other entities of the group located in Portugal must confirm this designation electronically, through the Finance Portal, within 15 days of the respective notification.
With its entry into force, whenever a group does not reach the minimum rate of 15% in each jurisdiction, the tax difference may be claimed in another country where it is present, thus avoiding situations of under-taxation.
Following the approval and implementation of Form 62, the provision of information indicated by the entities covered becomes mandatory.
Failure to submit the newly approved declaration or submitting it after the legal deadline is punishable by a fine of between €5,000 and €100,000, plus a penalty of 5% for each day of delay. Omissions or inaccuracies in completing the form may result in fines of €500 to €23,500. However, there is the possibility of exemption from fines during the first years of application of the regime by fulfilling certain requirements.
At Belzuz Advogados, S.L.P., Branch in Portugal, we advise companies on the correct interpretation and compliance with this new reporting obligation and are available to assist multinational groups and large national groups in completing and submitting Form 62, ensuring that all legal, formal and substantive requirements are strictly complied with, in accordance with the jurisdiction of the ultimate parent entity or the designated reporting entity.