Non-resident couple´s rental income(1) Monthly Rental Income(2) 1,500 6,000 12,000 Annual Rental Income 18,000 72,000 144,000 Less Expenses(3) (1,000) (3,000) (6,000) = Taxable Income 17,000 60,000 138,000 Income Tax(4) Flat Rate 28% 4,760 19,320 38,640 Annual Income Tax Due 4,760 19,320 38,640 Tax Due as % of Gross Income 26.
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A.I.M.I. or additional I.M.I. (rates) At the end of December 2016 the Portuguese parliament as part of the yearly State budget related to 2017 approved a new law also known as: DL 42/2016 of 28-12-2016.
In future we will refer to this as A.I.M.I. which stands for “Adicional Imposto Municipal Imobiliário” a complementary tax to the I.
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Non-habitual residents Portuguese special tax regime Introduction Portugal created a special personal income tax regime for new residents which offers attractive tax opportunities for foreign pensioners.
This summary provides a brief overview and explains the main guidelines and potential implications of this regime for foreigners and Portuguese individuals settling in Portugal after an extended period of living abroad.
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Salaries go down as Social Security goes up Private workers will lose one salary, whilst public employees will lose two
It was the first time that a Government measure was received with such unanimous opposition, but when Pedro Passos Coelho announced last Friday (September 7) that all workers would see their monthly contribution to Social Security increase by seven percentage points as of 2013, everyone – regardless of their political stance – agreed to disagree with the Portuguese Prime Minister.
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In December 2003, new rules concerning municipal property tax (Imposto Municipal sobre Imóveis) came into force. A new code was also approved: the Código do Imposto Municipal Sobre Imóveis (CIMI).
Those new rules were created to assess the patrimonial value of urban properties closer to their real market value.
Therefore, almost all new properties completed or traded after December 1 2003 were already evaluated according to the 37th article and the following ones of CIMI.
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Together with the proposed 2012 Portuguese Budget is a document proposing rectification to the 2003 general property reform. The 2003 changes established a 10 year period to achieve a general revaluation for tax purposes of all property in Portugal.
In addition the Memorandum of Understanding concerning the economic assistance promised earlier this year to Portugal by the EU and IMF established a promise that the conclusion of the general revaluation should be achieved by the end of 2012.
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Car tax in 2008 This tax is payable each year on each motor vehicle which you own. Starting in 2008 the tax will be paid on the anniversary of the vehicle or the Portuguese licence plate when the car is imported.
You will need both your Livrete and your Titulo de Registo de Propriedade or you “Documento Unico” for the vehicle and your fiscal number and Identification.
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New road tax rules start on 1-1-2008 OWNERS OF vehicles with Portuguese plates must take note of the first registration date of their car as that is when they will need to purchase their Imposto Único de Circulação (IUC), the national road tax, formerly known as Imposto Municipal Sobre Veículos, following new rules introduced this month.
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With 2007 drawing quickly to a close, it is time to think about tidying up your tax affairs before the year ends. The following is a checklist of things to consider before we enter into a new tax year.
Medical expenses Remember to write your health insurance provider to get an annual statement about the bills that were not covered by the insurance.
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