DTA between Cyprus and Portugal
The Cyprus and Portugal signed a double taxation agreement and this agreement will become effective from January 1, 2014, after the entry into force of the agreement on August 16,
See MorePortugal: Gazettes Tax Regularization Decree
Decree-Law number 151-A/2013 is published in the country’s official Gazette. To tighten sanctions, it establishes an exceptional and temporary regime for the regularization of tax debt. From 2014 individuals who committed tax fraud will face
See MorePortuguese: New VAT measures in Finance Bill
A range of changes to the Portuguese VAT regime has been presented in the latest Finance Bill which would come into effect on 1 January 2014. According to the upcoming changes, taxpayers will now have the option to forgo the VAT exemption on
See MorePortugal and Switzerland: Tax treaty enters into force
According to a press release, Switzerland, Portugal, Bulgaria, Slovenia and the Czech Republic signed treaty agreement for the avoidance of double taxation on 1 November 2013 regarding taxes on income and on capital. The four agreements are starting
See MorePortugal: VAT amnesty until end of December 2013
The tax office of Portugal has announces that- with reduced fines until 20 December 2013 outstanding VAT may be declared. Penalties will be reduced. There will be no late interest charge, or extra return charges for previously undeclared Portuguese
See MorePortugal: Lower tax burden in 2015
The Finance Minister of Portugal has indicated that the Government is aiming to reduce the tax burden on workers in Portugal within the framework of the 2015 State Budget (OE 2015). The State Budget 2014 of Portugal is designed to redress the public
See MorePortugal: Budget VAT announcements
The draft VAT Bill 2014 of Portugal contains a range of amendments to the Portuguese VAT rules. According to the draft amendments, VAT on irrecoverable debts may only be refunded within two years from the beginning of the fiscal year after the bad
See MorePortugal: Temporary tax regularization regime unveiled
For the regularization of tax debt, Portugal’s Council of Ministers has approved an “exceptional and temporary regime”. For those taxpayers who choose to regularize their tax debts by 20 December 2013, the regime accords exemption from the
See MorePortugal and Spain Strengthen Mutual Tax Assistance
Portugal and Spain recently signed agreements aimed at developing and strengthening mutual assistance in tax matters, and at permitting a direct exchange of tax information between the two countries. This is important as part of the worldwide
See MorePortugal: Approves Corporate Tax Reform
The Portuguese Council of Ministers sent to parliament proposed reforms of the corporate tax system on 13 October 2013, which will aim to improve Portugal’s tax competitiveness and encourage investment. The proposed reforms would reduce the
See MorePortugal: Amendments to exit tax to conform to EU principles proposed
Legislative authorization to amend the exit taxation rules to conform to EU principles is provided by 2013 Budget Law of Portugal. A significant change to the exit taxation regime was proposed the tax reform submitted to Parliament on 15 October
See MorePortugal: Extraordinary tax on electricity producers
The Ministry of Environment and Energy of Portugal has affirmed arrangements to impose an “extraordinary contribution” in 2014, to empower the nation to reach its ambitious deficit reduction target next year. It is expected that the draft budget
See MorePortugal: Corporate income tax proposals for 2014
Currently, Portugal thinking to take initiatives that would reform the corporate income tax law. The Corporate Income Tax (“CIT”) 2014 Reform Proposal, which is currently under public consultation. The main measures contained in the proposals
See MoreCroatia – Portugal signed Double Tax Treaty
The Government of Croatia approved the signing of a double tax treaty (DTA) with Portugal for avoidance of double taxation and preventing tax evasion on August 29, 2013. This will determines the manner of data exchange between the two countries’
See MorePortugal: Extraordinary investment tax credit to boost investment is introduced
The Portuguese government introduced an extraordinary investment tax credit with effect from 17 July 2013. The special tax credit will be applicable to investments between 1 July 2013 and 31 December 2013, up to a limit of EUR 5,000,000. The tax
See MorePortugal: New VAT e-invoice requirements
After the execution of the second EU VAT Invoice Directive in Portugal from the beginning of 2013, the tax office of Portugal has issued another new ruling on the technical obligations for e-invoices. This ruling covers: • Control over the
See MorePortugal: Madeira’s International Business Center regime transfer pricing deadline
Among other tax incentives, the new Madeira International Business Centre (MIBC) regime introduced by Portugal provides reduced corporate income tax rates of 4% (in 2012) and 5% between 2013 and 2020. Under the new regime companies are required to
See MoreTreaty between Japan and Portugal enters into force
The governments of Japan and the Portuguese Republic signed an income tax treaty in December 2011. The mutual notifications of the completion of the necessary domestic procedures were completed on 28th June 2013 and in accordance with Article 28 of
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