The amount from which salaries withhold IRS increases in January to 820 euros, with a monthly net income gain of about 28 euros, according to the new tables published today.
Posts tagged as “tax”
IRS 2021 – Procedures 1-7 – nº 7: Taxable Income Until June 30, taxpayers with an obligation to submit the IRS declaration must do so through the Internet. To submit the declaration, you must have an authentication password, sent by the Finance Department. It is the combination of the password…
IRS 2020 – Procedures 1-7 – nº 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…
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”…
IRS 2021 – Procedures 1-7 – nº 4: 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.…
Do you live here more than 183 days per year? Then you have to deliver a tax declaration to the Tax Office. Here is how this is done, in seven parts (one coming out every week): IRS 2020 – Procedures 1-7– nº 3: Non-Habitual Residents Regime for Non-Habitual Residents The…
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.
Taxation of US citizens
The US government imposes income tax on US persons based on their worldwide income, not residency. The following are considered to be US persons for tax purposes:
- A citizen born in the United States or outside with at least one parent who is a US citizen;
- A naturalized citizen;
- A resident of the United States for tax purposes if they meet either the green card test or the substantial presence test for the calendar year;
- Any other person who is not a foreign person.
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…
The imposition of IMI and IMT for companies directly or indirectly based in so-called tax havens, approved in the State Budget, does not distinguish between the jurisdictions with which Portugal has double taxation (ADT) and information exchange (ATI) agreements from those in which complete opacity prevails in capital movements. Sovereign…
If you are the owner of a Delaware Limited Liability Company (LLC), it is essential that you know what you have and what your responsibilities are. Requirements are in constant flux and need up-to-date procedures. If you have held your company for several years, current compliance obligations may be a…
The list of non-cooperative jurisdictions for tax purposes is a tool to tackle: Tax fraud or evasion; Illegal non-payment or underpayment of obligations; Use of legal means to minimise tax liabilities and money laundering; Concealment of origins of illegally obtained money. The EU blacklists countries that…
If you live in a foreign country or are travelling when tax payments become due, there are two ways to meet your tax obligations: 1) Direct Debit or 2) Bank Transfer. If you choose to use Direct Debit (Standing Order), you must first domicile the IBAN of the appropriate account…