Obrigatory Bank Account

The taxable entities subject to Corporate Income Tax (IRC), as well as those subject to Individual Income Tax (IRS) who have or are required to have organized accounting, are obliged to possess at least one bank account through which all payments and receipts related to the conducted business activity must be exclusively handled (LGT article 63.º-C).

All movements relating to supplies, other forms of loans and advances from partners, as well as any other movements by or in favor of taxpayers, must also be made through the account or accounts referred to.