Passengers travelling from the Azores and Madeira to the Portuguese mainland are exempt from submitting either a negative TRag (antigen test), or nucleic acid amplification test (TAAN) from tomorrow, the 1st of December.
Posts tagged as “portugal”
We have been running the Covid Live Ticker (www.madeira-weekly.com) since March 28, 2020. If the Government numbers we are working with can be believed, we are doing well. There is no need to speak of pandemic waves for the Island, as we are in the epidemic stage. The pandemic is…
The vast majority of Foreign Residents share a common trait: most, if not all, of their livelihood comes from outside of Portugal. Great confusion and disinformation abound regarding such income from abroad. Before analysing the different requirements surrounding Individual Income Tax (IRS) in Portugal, it is useful to dispel some of the myths and establish a few of the basics regarding Portuguese taxation and the obligations of the Foreign Resident. So the first question to consider is: Who is required to become resident for tax purposes in Portugal?
Many owners of Offshore Companies, both black and white listed, reach a point where, for any number of reasons, they wish to sell up. Yet most are uncertain of the Capital Gains Tax consequences of such a sale, particularly since there are a number of different ways to structure the transaction. While individual proceedings sometimes present unique circumstances, the following example should prove illustrative of most sales. Respective costs and savings ought to be proportional in most cases.
Frequently Asked Questions Expats may vote in local municipal and European elections as long as they are registered in the Portuguese national electoral census. In addition to all Portuguese citizens, Brazilian nationals with a citizen card or other viable ID card and those from the following countries may also vote…
The proposal that the Government of Sweden sent to parliament to denounce the convention to avoid double taxation (CDT) with Portugal will be voted on 02 June. At the origin of this initiative is the fact that until now, Portugal has failed to ratify the protocol to the agreement signed by the two countries in May 2019.
British operators anticipate up to a 600% increase in reservations for the Algarve and Madeira. During the upcoming summer tourist season, Turismo de Portugal expects to resume 700 weekly air routes with the United Kingdom that existed before the spread of Covid19. In the Algarve, Easyjet announced another 175 thousand…
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…
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…
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…
Your “IRS” Declaration Filing Dates The tax year corresponds to the calendar year (01 Jan – 31 Dec). Fiscal Residents must submit tax returns by the following deadlines to avoid penalties. For the current fiscal year, declare between 01 April and 30 June. Unlike in the past, there is now…
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…
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…
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…