Contributors do not have to declare accounts in Revolut

Earlier in the month came the news that taxpayers would have to declare Revolut accounts in the IRS statement. Without a certainty on the part of the Tax Authority (TA), many users searched the social networks for an answer to their doubts …. but without success.

Today finances have finally clarified taxpayers.

The Ministry of Finance has clarified today that whoever has accounts in Revolut you do not have to file an IRS. According to the statement, AT clarifies that ...
Considering that doubts have been raised as to the obligation in Article 63a (8) of the General Tax Law, which provides that "IRS taxpayers are required to state in the corresponding income tax declaration the existence and identification of deposit accounts or of securities opened in a financial institution not resident in Portuguese territory or in a branch located outside the Portuguese territory of a resident financial institution of which they are holders, beneficiaries or that are authorized to move "
(1) The abovementioned obligation is fulfilled in Table 11 of Annex J of the Income Tax Form 3 of the IRS and consists of the mere identification of the accounts and has no impact on the settlement of the tax.
(2) As regards the type of accounts to be declared, the law expressly refers to "deposit or securities accounts" and therefore accounts of another nature, in particular payment accounts, are not covered by this obligation.
(3) As an example and considering the doubts that have been raised about the accounts in the "Revolut", not having in 2018 this institution operated as a credit institution / bank, the respective accounts are payment accounts and, as such, the taxpayers shall not be required to declare them in Schedule J of the IRS Model 3 Statement.
(4) In situations where taxpayers are obliged to declare the accounts in a non-resident financial institution or in a branch located outside the Portuguese territory of a resident financial institution, since they are in the nature of deposit accounts or securities, and have delivered the model declaration 3 without identifying them, shall issue a replacement declaration by the end of the legal deadline (30.06.2019), which shall not be subject to fines, identifying those accounts in table 11 of Annex J of that declaration.


Clarification is only for anyone who has Revolut accounts
However, Revolut is just one example. Regarding other fintech, the best thing is to question the Tax Authority about the need to file an IRS. If you have already submitted your statement and indicated your account Revolut this will simply have no effect.
In case of other fintech taxpayers, taxpayers can always submit a replacement declaration.