Opinion article by Nuno Filipe Henriques in Jornal de Negócios.
Pillar Two changed the centre of gravity of business decisions — but many groups continue to decide as if nothing had happened.
For years, strategic decisions in Portugal and Europe were made with a relatively simple logic: optimise the tax rate, comply with the essentials and create value. This model worked as long as taxation was the main differentiating factor between jurisdictions. Today, this assumption is no longer valid. The relevant risk is no longer in the tax rate — it is in the corporate structure that supports the group.