The Government has confirmed that, for independent workers under the Simplified Regime, Social Security deductions are to be based on net taxable income after application of the appropriate coefficient, not the gross received. In addition, overall Social Security deductions due may not exceed 10% of gross income from all sources.
A second “IMI” (Municipal Property Tax) evaluation may be requested either by the property owner or by municipal authorities when there is disagreement over the original set values. Nevertheless, any challenge does not suspend the payment of the first assessment.
As part of the 2017 Budget proposals, those owning real estate with a rateable value over €500,000 will have an additional tax to pay. The new assessment, as yet named, will be progressive tax and will accumulate with the on-going property tax, IMI. The government hopes to raise an additional €100-€200 million with this new levy.
In the first year of operation, the Funchal Investor Desk and the “City with Life” Programmes have registered 236 requests for information regarding rehabilitation of downtown buildings to create Local Lodging accommodations with trade and services on the ground floor.
The Portuguese government has transposed the European Directive DAC2, which provides an automatic mechanism for access and exchange of financial information regarding accounts held in Portugal by non-residents and accounts held by residents abroad, including Portuguese citizens. With the USA, a non-signatory to the Common Reporting Standard, information exchange is triggered by bank balances above €50,000.
When the universal Social Security system was established in Portugal in 1962, life expectancy was just 66.8 years of age. In 2016, this national average in Portugal reached 81.1 years: 78.2 for men and 83.9 for women. Healthcare makes a difference. At the time, Portugal had one of the highest infant mortality rates in Europe. Today, this key health indicator is one of the lowest. Continue reading
How to obtain the Fiscal Certificate in the AT site – step by step: