During a parliamentary hearing concerning the examination of the State Budget for 2026 (OE2026), Joaquim Miranda Sarmento was questioned by the Chega party members about his recent remarks regarding the revenue collection by the Tax and Customs Authority, in which he stated it would be premature to rely on taxes “in the coming years”.
Clarifying his comments from Wednesday, Miranda Sarmento explained that he was questioned about the revenue collection in 2026, emphasizing that the authority has a year to recover due taxes, and noting that “even if the tax authority acts, any taxpayer has the right to litigate and provide guarantees,” indicating that revenue may not necessarily enter the public coffers in 2026.
“It may be collected in 2026, or it could be in 2027, 2028, or 2029, depending on the taxpayer’s decisions,” he added.
The minister emphasized that such revenue should be viewed as temporary, given that it originates from a non-recurring economic event.
“If this revenue materializes, I hope nobody considers financing structural expenses—which last for many years—with revenue that, if it occurs, will happen only once,” he explained.
“That transaction occurred once, potentially resulting in tax obligations. There might be revenue in 2026 of that magnitude, but it’s temporary. I hope no one in parliament considers financing structural expenses with a one-off revenue,” he reiterated.
The Central Department of Investigation and Penal Action (DCIAP) team, in collaboration with Tax and Customs Authority inspectors, concluded that the deal did not involve criminal actions (considering that authorities were aware of it).
The Public Prosecutor decided to drop the allegations of tax fraud but determined that the way the sale was conducted, through a split followed by a merger, does not exempt EDP from paying 335.2 million euros, including Stamp Duty, IMT, and IRC, plus interest.
Responding to the PSD party, the Minister of Finance reiterated that the government had not been notified of the decision—nor was it required to be—and emphasized that if public reports are confirmed, the Tax Authority has a year to comply with the Public Prosecutor’s order and settle the outstanding taxes.
On Thursday, the CEO of EDP stated that the group had not yet been notified of the Public Prosecutor’s decision and assured that “it will pay the required taxes,” while retaining “the right to decide based on what is determined.”
The investigation was led by the Public Prosecutor, with the involvement of tax inspectors as criminal police bodies.
In this context, while dismissing the suspicions of fiscal crime, the DCIAP prosecutors concluded that the transaction details necessitated tax payments and thus instructed the Tax Authority to “proceed with the collection of the outstanding taxes,” according to the dispatch, which Lusa accessed.
Overall, the Public Prosecutor’s office estimates that the State is owed 120.9 million euros in Stamp Duty, 99.6 million euros in IMT (Municipal Tax on Onerous Property Transfers), and 114.7 million euros in IRC.
The business under investigation pertains to the sale of the Miranda, Bemposta, Picote, Foz Tua, Baixo Sabor, and Feiticeiro dams, which the Portuguese electric company sold at the end of 2020 and the beginning of 2021 for 2.2 billion euros to the French consortium Movhera, comprising Engie (40%), Crédit Agricole Assurances (35%), and Mirova – Natixis Group (25%).
