11 Wednesday Nov 2020
Posted in Briefs
≈ Comments Off on Merchants and companies obliged to accept electronic payments
The Banco de Portugal wants companies and shops to accept at least one form of electronic payment in addition to cash. With cash increasingly in decline, the covid-19 pandemic has only accelerated the digitalization of transactions, thereby increasing online consumption and the use of contactless payments.
11 Wednesday Nov 2020
Posted in Briefs
≈ Comments Off on 2021 State Budget: Government moves to increase take-home pay
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Finanças will lower IRS withholding to increase disposable income for workers in 2021. These measures should reach 2 million Portuguese taxpayers. However, tax authorities plan to settle accounts in the following year. Also, unemployment benefits will rise €60 for those earning the minimum wage.
11 Wednesday Nov 2020
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≈ Comments Off on “Golden Visas” slow down but do not leave the Greater Lisbon area
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The Municipality of Lisbon concentrated 59.1% of total real estate purchases entitled to a “Golden Visa” this year, a distribution that increases to 75.2% if the analysis takes into consideration the greater metropolitan area. In the first nine months of this year, 993 residence permits for investment (ARI) were granted, better known as “Golden Visas”, which represented the entry of €540 million of foreign capital, 10.2% less when compared to the same period in 2019.
11 Wednesday Nov 2020
Posted in Briefs
≈ Comments Off on 70% of hotels in the Algarve to close during the winter
Almost three out of four hotels and tourist developments in the Algarve plan to suspend their hospitality activities during the low season due to the crisis caused by the pandemic. Before the arrival of Covid-19, about 50% of hotels and tourist developments were already planning to close during the off-season. This number may continue to rise and leave even fewer establishments and developments open for business during the coming winter months.
03 Thursday Sep 2020
Posted in Briefs
≈ Comments Off on Changes in NHR Assessment
Under the final version of the 2020 State Budget, pensions will no longer enjoy full exemption from taxation in Portugal. Instead, pensions will be subject to a flat tax of 10%. A minimum levy of €7,500 had been proposed, but this measure was eliminated in the final version of the Budget.
20 Thursday Aug 2020
Posted in Briefs
≈ Comments Off on Tax authorities simplify IRS payments IRS in instalments
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at, instalments, payments, tax
With the Tax and Customs Authority (“AT”) asking taxpayers to remain at home by using digital channels, the process for IRS payments in instalments has been simplified. If you have an outstanding debt of up to €5,000 and do not owe other taxes, it is possible to divide the amount to be paid in a maximum of 12 instalments. However, when the amount owed is above €5,000 or more than 12 instalments are required, the tax authorities still ask for a guarantee.
20 Thursday Aug 2020
Posted in Briefs
≈ Comments Off on Lisbon Airport with 50% of air traffic in August, compared to 2019
During this month of August, at least half of the number of flights registered at Lisbon Airport has resumed according to the data from ANA – Airports. Air traffic has begun to show signs of recovery after the 93.8% drop in the second quarter as compared to the same period in 2019. Due to the pandemic and consequent movement restrictions, the number of passengers fell by 97%. Airports expect to only recover their usual volume of passengers by 2024.
20 Thursday Aug 2020
Posted in Briefs
≈ Comments Off on Hybrid “AL” lets – Q & A
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Question: I have only been able to let my local lodging unit during the high season. There is now a potential tenant who wishes to rent the apartment from October to May. Can I do this by concluding a contract for the period and then move forward with weekly or biweekly lets in the summer season?
Yes, such a hybrid solution is possible. You will need a rental contract, defining the duration of the agreement as well as delimit any other conditions. In essence, this arrangement is compatible with your proposed summer “AL” activity. However, you will not be able to deduct expenses as you would with a conventional long-term lease.
24 Friday Jul 2020
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≈ Comments Off on Portuguese Residential Tourism deemed best in Europe
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Portuguese resorts are considered to be the best in Europe among 26 residential tourism developments in 9 countries. According to 54 criteria in 10 categories, Portuguese holiday retreats ranked nº 1. There are many forms of tourism: recreation and leisure, healthcare, curative spa, cultural, educational, social.
24 Friday Jul 2020
Posted in Briefs
≈ Comments Off on EU Blacklist: addressing external fiscal challenges
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blacklist, countries, eu, evasion, fraud, illegal, jurisdiction, laundering, money, tax
The list of non-cooperative jurisdictions for tax purposes is a tool to tackle:
The EU blacklists countries that encourage abusive tax practices that erode member states’ corporate tax revenues. Member states can act together to press for reform. The aim is not to “name and shame” countries but rather to encourage positive change in fiscal legislation and practices through cooperation. Once a jurisdiction is compliant, it can be removed from the European Union’s blacklist.
