Regulatory Alerts2024-02-01
Added
Instruction No. 1/2024
Bank of Portugal amends Instruction No. 8/2018 to align payment subsystem transaction limits with electronic payment standards, setting thresholds of 100,000 euros for commercial effect clearing and 500,000 euros for cheque, direct debit, credit transfer, and card-based payment subsystems. These changes implement requirements from the 2024 State Budget Law mandating electronic payments for corporate tax obligations and address market concerns regarding high-value payment limits. The amended provisions apply from 1 March 2024.
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