Press "Enter" to skip to content

Posts tagged as “irs”

Tax Season – Procedures – Automatic IRS Reporting

IRS 2021 – Procedures 1-7 nº 5: Automatic “IRS” Reporting The Portuguese Tax Authority (“AT”) is making available Automatic “IRS” Reporting to millions of taxpayers in Portugal. The change is part of “Simplex”, a programme designed to reduce bureaucracy at all levels of government. The move has similarities to “PAYE”…

Tax Season is here! – IRS 2020 – Procedures 7

Individual Taxable Income Declarations may be submitted in person at the local tax office (“Repartição de Finanças”), by post or over the internet. In all cases, the central reporting form, Modelo 3, should be used accompanied by the appropriate annexes for each category of income received. Net taxable income is…

Tax Season is here! – IRS 2020 Procedures 6

Filing Status Single, widowed and divorced taxpayers submit an individual return. Couples should also file an individual declaration but may elect to report jointly. Separated couples who are not divorced should each file singly. This is usually advisable since both spouses are responsible for meeting all fiscal obligations under a…

Tax Season is here! – IRS 2020 – Procedures 5

Automatic “IRS” Reporting The Portuguese Tax Authority (“AT”) is making available Automatic “IRS” Reporting to millions of taxpayers in Portugal. The change is part of “Simplex”, a programme designed to reduce bureaucracy at all levels of government. The move has similarities to “PAYE” (Pay-As-You-Earn) in the United Kingdom where taxpayers…

Tax Season is here! – IRS 2020 – Procedures 3

Non-Habitual Residents Regime for Non-Habitual Residents The tax regime for non-habitual residents is intended to attract to Portugal certain qualified individuals and investments which may give rise to tax saving opportunities for expatriates.  The Non-Habitual Residence special tax regime has the following exemptions and benefits: Professional Income from Portugal Income…

TAX Season is here! IRS 2020 – Procedures 2

Non-Residents Non-Residents are taxable on income and gains arising in Portugal. When the paying entities are resident or assets located within or services performed in Portugal, then the following examples of income would need to be declared:             Local rental income;             Holiday lets (Local Lodging);Capital gains on sale of…

Tax Season is here! IRS 2020 – Procedures 1

Residents Countries increasingly challenge former residents who attempt to move to another. Although the rules vary, most states define a “resident” as an individual who is in the state for other than a temporary or transitory purpose. Countries consider a person’s “residence” or home to be the place of his…

Aggregate vs Autonomous Reporting Options

When assessing Company profits, taxation occurs in a two-stage process: first, the Company pays Corporate Income Tax on its profits, then Shareholders pay Individual Income Tax on these distributed profits (now called dividends). This assessment procedure is called “economic” double taxation. Almost all countries in the EU have adopted one…

State Budget 2021 – Masks and disinfectant gel enter as IRS medical expenses

Expenses for masks, visors and disinfectant gel are now to be considered deductible health care expenses. If you buy individual protection equipment in an establishment that sells other products (such as supermarkets), you must ask for a separate invoice in order to deduct these expenses on your IRS return. In…

Mission News Theme by Compete Themes.
Madeira Weekly