Portuguese Government makes bank secrecy concession

                                      
The Portuguese government is reported to have made a u-turn on the lifting of bank secrecy by limiting it to taxpayers who have 50,000 euros or more in their bank accounts.
The decision comes after opposition by the National Data Protection Commission, which said the indiscriminate access to people’s bank accounts was unconstitutional.
The decision to limit access to taxpayers with balances of 50,000 euros or more is said to be based on the argument that tax evasion is less likely for taxpayers with lower amounts of cash in their bank accounts.

The new rule is said to come into force in 2017.