Portugal: Central administrative Court upholds deductions for payments to low-tax jurisdictions

February 20, 2024

On 11 January 2024, the Central Administrative Court of the Southern Region in Portugal made a decision regarding the deductibility of payments made to jurisdictions with low tax rates. The case involved a major company providing aircraft

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Portugal approves State Budget for 2024

December 12, 2023

On 29 November 2023, the Portuguese parliament approved the State Budget for 2024 (Draft Law 109/XV/2), including some modifications proposed after the primary proposal on 10 October 2023. This budget includes the following tax measures:

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Portugal: Government presents 2024 draft budget bill to the Parliament

October 18, 2023

On 10 October 2023, the government of Portugal presented the draft Budget Bill for 2024 to the parliament. The budget includes changes in corporate income tax, personal income tax, and indirect taxation. The key tax measures of the budget are as

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Portugal implements CbC reporting requirements

August 27, 2023

On 23 August 2023, the Portuguese government published Decree-Law No. 73/2023 in the Official Gazette, which establishes the requirements for public country-by-country (CbC) reporting by multinational enterprises (MNEs). The new rules on public

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Portugal extends corporate tax filing deadline to 6 June 2023

May 30, 2023

On 22 May 2023, the Portugal's Secretary of State for Fiscal Affairs has issued Order No. 148/2023-XXIII. This order grants a brief extension for the submission of the annual corporate tax return and payment for the year 2022. Taxpayers now have

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IMF Report Looks at Portugal’s Economy

May 10, 2023

On 9 May 2023 the IMF issued a report following discussions with Portugal under Article IV of the IMF’s articles of agreement. The economic recovery from the pandemic continued strongly into 2022 with growth of 6.7% led by stronger tourism and

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Portugal: Parliament approves budget for 2023

December 05, 2022

On 25 November 2022, the Portuguese parliament approved the Budget for 2023. This budget includes the following corporate tax measures: Changes in current tax loss carry forward rules for corporate income tax (CIT). Along with other things, tax

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Portugal: Budget proposal for 2023

November 01, 2022

On 10 October 2022, the government of Portugal proposed a draft budget bill for 2023 to the assembly. This budget includes the following corporate tax measures: Introduce a new crypto-asset tax system for the taxation of transactions associated

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OECD: Peer Review Report on Tax Transparency in Portugal

August 17, 2022

On 16 August 2022 the Global Forum for Transparency and Exchange of Information for Tax Purposes released a second round peer review report in relation to Portugal. The peer review report examines the legal and regulatory framework in Portugal and

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Portugal extends the deadline to submit the TP file

July 11, 2022

On 6 July 2022, the government announced that it would extend the transfer pricing (TP) deadlines for preparation and/or submission to the tax authority. The deadline is extended from 15 July to 15 September 2022 without any accruals or

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Portugal approves the Budget for 2022

June 16, 2022

On 27 May 2022, the Budget for 2022 has passed by the parliament. The budget includes the following tax-related measures: The Budget bill increases the exemption of qualifying taxable IP income under the patent box regime from 50% to 85%;

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IMF Report Comments on the Economic Situation in Portugal

May 16, 2022

On 16 May 2022 the IMF published a report following discussions with Portugal under Article IV of the IMF’s articles of agreement. Following a deep recession during the pandemic the economy has begun to recover. The economy was hit harder than

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Portugal extends the corporate income tax return deadline

May 11, 2022

Recently, the Portuguese government has provided a brief extension to the corporate income tax return deadline for the 2021 fiscal year. Typically the deadline is 31 May 2022, for taxpayers with a fiscal year that follows the calendar year. The new

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Portugal publishes new APA rules

December 10, 2021

On 26 November 2021, the Portuguese Tax Administration (PTA) was published Ministerial Order No. 267/2021 which revises the regulations on the procedures for concluding Advance Pricing Agreements (APAs) in accordance with Article 138 of the Code

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Portugal publishes new transfer pricing Legislation

December 10, 2021

On 26 November 2021, the Portuguese Tax Administration (PTA) published Order No. 268/2021, which replaces Regulation No. 1446-C / 2001 of December 21, 2001. The new regulation revises the rules for implementing the arm's length principle under

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Portugal: Tax Agency extends certain payment deadlines

November 19, 2021

On 10 November 2021, the Portuguese Tax and Customs Authority issued Order No. 351/2021-XXII, announcing payment deadline changes for 2021 and 2022, due to the coronavirus pandemic. The order includes: The filing of form-10 for personal income

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Portugal: Parliament rejects 2022 Budget Bill

November 04, 2021

On 27 October 2021, the Portuguese parliament rejected the government's 2022 budget bill (Bill 116/XIV/3). The draft bill was submitted in parliament on 11 October 2021 and includes various tax-related measures, including revised personal income

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Portugal introduces corporate tax credit due to COVID 19

October 26, 2021

On 11 October 2021, the Portuguese government submitted the draft budget for 2022 to the parliament. The main corporate tax measures include: The 2022 draft budget changed the patent box regulation, which provides for an increase in the

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