Portugal: Corporate tax cut proposed in 2015 budget
The government of Portugal proposes corporate tax rate cut from 23% to 21% in 2015 budget. The parliament of Portugal presents its 2015 budget on October 15, 2014. It is not possible to reduce personal income taxes in 2015 as Minister of State and
See MoreGuidelines on the France-Portugal Income Tax Treaty
The Tax Administration of France issued on 25 June 2014 guidelines for those workers who work on ships and aircraft in international traffic under the France-Portugal Income Tax Treaty of 1971. Under provision of paragraph 3 of Article 16 of the
See MoreA double tax treaty between Portugal and Senegal signed
A double tax treaty between Portugal and Senegal signed in Lisbon, on 13 June 2014, for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on
See MorePortugal: Tax Burden Rises In 2013
The organization Statistics Portugal has reported that the tax burden went up by 8.1 percent in 2013 compared to 2012. This was in large part because of an increase in direct taxes although some of the rise was also due to a tax amnesty. Indirect
See MorePortugal’s Socialist Party Would Restore Hospitality Reduced Rate
Portugal's Opposition Socialist Party (PS) leader, has promised to return the value-added tax (VAT) rate on the restaurant and catering industry to the lower rate of 13 percent if it wins the elections due to be held in 2015. The tariff was
See MorePortugal Discloses Tax Rates For 2015
Portugal’s medium term economic strategy includes provisions to raise the rate of value added tax (VAT) and social security contribution (TSU). The government also intends to decrease the extraordinary solidarity contribution (CES) on
See MoreVAT rate increases in Portugal
Among a range of austerity measures introduced in Portugal is a rise in the standard rate of VAT. The rate is to increase from 23% to 23.25%. This follows earlier rises in the rate in 2008 and 2011. The new measures also include an increase in
See MoreDTA between Portugal and Peru enters into force
It is reported that on April 12, 2014, the double taxation agreement (DTA) concluded between Portugal and Peru entered into
See MorePortugal: Personal Income Tax System Reform
Portugal has appointed an expert committee to consider improvements to the personal tax system. Simplification of the individual income tax could improve social mobility and encourage tax compliance, according to the government. The tax system needs
See MorePortugal: Necessary requirements for Financial Services
In Portugal, a restrictions on the deduction of interest has announced that effects from 2013. Net financial costs are only deductible up to the higher of EUR 1 million (EUR 3 million before 1 January 2014) or 30% of profit before depreciation, net
See MorePeru ratifies tax treaty with Portugal
The ratification of the tax treaty with Portugal by the Peruvian president was published in the Official Gazette on 6 March 2014. The tax treaty was signed on 19 November 2012 and approved on 26 December 2013 by the Peruvian Congress. Under Article
See MorePortugal: Tax law changes affecting corporate and individual taxpayers
The recently enacted changes following the 2014 budget proposals include some key changes to the corporate taxation regime as well as other tax law provisions: Reduction in the rate of corporate income tax, from 25% to 23%, for 2014; Expanded
See MorePortugal: Collection of Food Security Tax being enforced
The Portuguese Government is finally taking action to enforce payment of the country's food security tax from operators of large supermarket chains. Portugal's State Secretary for Food said that 107 cases are currently before the administrative and
See MorePortugal: Corporate Income Tax Reform
The Corporate Income Tax Reform (“CIT Reform”) represents one of the most ambitious tax initiatives undertaken by the Portuguese Government. On January 16 2014, Law no. 2/2014introduced a set of measures that aim to raise the competitiveness of
See MorePortugal: Parliament adopts Retroactive Budget for 2014
The Parliament has adopted the Retroactive Budget for 2014, this widens the base of the Portugal’s “Extraordinary Solidarity Contribution” (CES) on pensioners. The CES will apply to pensions greater than EUR 1,000/month (previous level, EUR
See MoreECJ to investigate Portuguese exit tax
The European Court of Justice (ECJ) will investigate tax residency rules in Portugal; this results from a referral by the European Commission which considers the Portuguese rules applicable to taxpayers who are no longer resident in the country to
See MorePortugal: Azores raises VAT
The Azores (a Portuguese independent region) has increased its standard Value Added Tax (Imposto sobre o Valor Acrescentado) rate from 16% to 18%, with effect from 1 January 2014. Further, the reduced VAT rate of 9% (IVA intermedio) on water, fuel,
See MorePortuguese Parliament (AR) adopts the Budget for 2014
The country’s State Budget for 2014 (OE 2014) is adopted by the Portuguese Parliament (AR). The budget deficit is reduced to 4 percent of gross domestic product (GDP) is ensured by the fiscal consolidation measures, in connection with the
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