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28 May 2015

Declarative obligation for foreign transactions

If your company carries out economic or financial transactions with the outside world, or conducts exchange transactions numbering more than € 100.000 annually, you’re obliged to inform the Bank of Portugal the respective transactions and external positions. But what are transactions and Positions? External operations encompass all economic and financial operations with foreign entities. The positions refer to end-of-month balances on deposits, loans or outward-facing commercial credits. Communication of Operations and Positions with the Exterior (COPE) consists in sending the information described above monthly to the Bank of Portugal. According to this institution, this information is intended for the compilation of Portuguese external statistics: Balance of Payments, Portugal International Investment Position and External Debt.   The COPE must be submitted monthly, until the 15th working day after the end of the month to which the data refers to, and is usually a task performed by the Company Accountant. Special cases - If this year your company exceeds the threshold for exemption, it should start the report until April of next year, with information since January.  In reverse, if your company falls below the referred threshold, you will be able to benefit from the exemption from reporting from February of the following year, with respect to information of January.  If you're starting your business or if your company is covered by the exemption but, in a given month, submits a total of external operations exceeding € 100.000, you should start the communication within 4 months, with information concerning the months meanwhile elapsed. Useful information - beyond the duty of information associated with the COPE, the data provided may be also an useful tool for your company: -Allows a multi-perspective analysis of market shares (for example, by sector, by market and type of operation);  - Composes a management support for investment decisions and of entry into new markets.  This is one of the many services we can offer you, since more than accountants, on “Domingos Salvador” we work in partnership with companies to its sustained growth.  For further clarification, please contact us: http://www.domingossalvador.pt/en/contacts
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In the event of a dispute, the consumer may use an Alternative Dispute Resolution Body:

CICAP – Tribunal Arbitral de Consumo
Rua Damião de Góis, 31, Loja 6, 4050-225, Porto
+351 22 550 83 49 / +351 22 502 97 91
cicap@cicap.pt

More information on Portal do Consumidor www.consumidor.pt