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Sole Traders: Social Security deductions based on net income Under the Simplified Regime, Social Security deductions are to be based on net taxable income after application of the appropriate coefficient, not... Read more
IRS declaration becomes automatic in 2017 The Finanças web site will offer an automatic income declaration option for taxpayers to confirm the pre-completed tax information. Over the next... Read more
OE 2017 - Tax increase for Local Lodging Proposed in the 2017 State Budget is a tax increase on Local Lodging from 15% to 35% (net value 3,75% to 8.75%) of turnover from short-term holiday... Read more
New supplementary property tax (AIMI) An added assessment, dubbed "Additional Municipal Property Tax (AIMI), will cover the entire ratable value (VPT) with an exemption on the first... Read more
Additional IMI to benefit properties above €1,000,000 Owners of buildings with ratable values over one million euros should pay less overall tax in 2017 than last year, even with the proposed increase... Read more
Alternative medicines to be VAT exempt The General Assembly approved legislation that reduces from 23% to 0% the VAT charged by professionals of non-conventional therapies (alternative... Read more
Golden Visas lose their lustre Lengthy delays in approving Golden Visas and their renewal are driving investors away from Portugal to other countries with similar programmes, in... Read more
State Budget 2017: IRS bill to be lower The proposed reduction in the “IRS” surcharge will result in a lowering total personal income tax due by taxpayers in 2017. The State Budget... Read more
EU To Create List of Non-Cooperative Tax Jurisdictions The European Commission has confirmed plans to draw up a pan-EU list of non-cooperative tax jurisdictions. The intention is to create a common EU... Read more
Tax Evasion According to a recent report issued the Economics and Fraud Management Observatory of the University of Porto, the main causes of tax evasion in... Read more
Taxation of Sole Traders in NHR If you exercise the "high value " profession associated with your Non Habitual Resident application in Category B, the levy is customarily based on... Read more
Underground Economy still one quarter of GDP The unrecorded economy (ENR), better known as the underground economy, rose slightly last year to 27.29% of gross domestic product. The figure... Read more
VPT m² value unchanged in 2017 The reference value for determining the construction value of a building for the purposes of “IMI” (Municipal Property Tax) remains unchanged at... Read more
Sole traders with tax incentive Freelancers, who opt for the Simplified Regime in their first two years of registered business activity, benefit from a reduction of 50% and 25%... Read more
Portugal in the top 10 retirement destinations Portugal climbed one position to 9th place in the international ranking for 2017, developed by International Living Magazine. The survey highlights... Read more
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  • Fiscal & Expatriate Services
  • Fiscal & Expatriate Services
  • Fiscal & Expatriate Services
  • Fiscal & Expatriate Services
  • Fiscal & Expatriate Services
  • Fiscal & Expatriate Services

Underground Economy still one quarter of GDP

The unrecorded economy (ENR), better known as the underground economy, rose slightly last year to 27.29% of gross domestic product. The figure represents a modest increase compared to 27.22% in 2014, but shows that programs such as e-invoices and other measures to control the billing in various sectors of activity have had no visible results on the index.