Category: Portugal

Portugal: Central bank to disclose public report on large debtors

The Bank of Portugal (BdP) is to publicly disclose aggregated information about large bank debtors by 17 July, announced the chair of the Budget and Finance Committee. On 23 May, the central bank sent parliament an extraordinary report on the problematic loans and other assets that caused banking problems and… – Continue reading

Angola’s parliament approves elimination of double taxation with Portugal, China and UAE

The Angolan parliament unanimously approved proposals for the resolution of agreements for the elimination of double taxation and prevention of tax evasion on income tax with Portugal, China and the United Arab Emirates (UAE), according to official information. The Secretary of State for Cooperation, Domingos Vieira Lopes, said that the… – Continue reading

Portugal: Portuguese Golden Visa – Investment Route And The Non-Habitual Residents Regime

Background Portugal is being re-discovered as a destination to relocate to, with iconic cities such as Lisbon and Porto, and stunning coastal areas, for example, the Algarve. It also offers very easy access to the rest of Europe. Portugal is increasingly recognised as an international hub with 71 Double Taxation… – Continue reading

End of double taxation between Angola and Portugal approved in Lisbon

The Portuguese Parliament voted in favour of a proposed government resolution approving the agreement to eliminate double taxation with Angola, the Portuguese press reported on Friday. The parliament unanimously approved an agreement between Portugal and Angola on mutual administrative assistance and co-operation in fiscal matters signed in Luanda on 18… – Continue reading

Angolan president seeking increased cooperation with Portugal

Luanda, ANGOLA, November 18 – Angolan head of state Joao Lourenco has pledged to raise bilateral cooperation with Portugal during his visit to European country scheduled for 22- 24 November this year. Joao Lourenco made the pledge during an interview with the Portuguese newspaper “Expresso”, on the eve of his… – Continue reading


Our previous article about the taxable basis for the taxation of companies in the Macau territory made reference to the fact that the courts in Macau, notably the Court of Second Instance (TSI) and the Tax Administration, do not seem to share the same view regarding income considered as the… – Continue reading

Angola’s General Tax Administration guarantees introduction of VAT in 2019

Value Added Tax (IVA) will replace the Consumer Tax in Angola in 2019, the coordinator of the Technical Group for the Implementation of IVA, Adilson Sequeira, said according to a report published on the website of the Angolan Ministry of Finance. “The introduction of IVA is the result of a… – Continue reading

Macau | City to comply with OECD tax information exchange from September 1

Macau financial authorities announced today that starting from September 1 the city will start complying with automatic financial exchange regulations devised by the Organisation for Economic Co-operation and Development Macau (MNA) – The Office of the Secretary for Economy and Finance, Lionel Leong Vai Tac, has announced this Tuesday that… – Continue reading

Macau | Monetary Authority revoked 13 offshore permits this year

The Monetary Authority of Macao has revoked offshore authorisation for 13 companies in the first half of this year with no new offshore permits being provided Macau (MNA) – Some 13 offshore companies saw their authorisation to operate in Macau revoked in the first half of this year by the… – Continue reading

US imposes reporting rules on Delaware Companies

Revamped rules for Delaware Companies create new reporting obligations for owners and eliminate any vestiges of confidentiality that once made these offshore structures attractive for many property buyers. Effective since the beginning of 2017, Delaware Limited Liability Companies (LLCs) that are wholly owned by a non-resident, now become subject to… – Continue reading

Kenya, Portugal sign deal on removal of double taxation

Kenya and Portugal on Tuesday signed an agreement for avoidance of double taxation. The main objective of the Agreement on the Avoidance Double Taxation is to eliminate double taxation of income or gains arising in one country and paid to residents of the other country. This will create a conducive… – Continue reading

Macau | Deal inked between Portugal and Macau to amend double taxation law

Macau and Portugal have signed a deal allowing the Secretary for Economy and Finance to alter a double taxation law between the two jurisdictions Macau (MNA) – A deal has been signed between the Secretary for Economy and Finance, Lionel Leong Vai Tac, and the Portuguese Government giving Macau the… – Continue reading

New Legislation impacts Offshore Property Companies

The walls continue to close in on Offshore property holding companies in Portugal. Once a popular solution for home ownership, these structures are based in low-tax jurisdictions that allow shareholders to take advantage of certain “loopholes” to avoid paying Capital Gains tax when selling. Over the past 15 years, successive… – Continue reading

Macau | Delayed tax agreement will be signed this year – Portugal’s Secretary for Tax Affairs

A delayed tax agreement between Portugal and Macau will be signed later this year, according to Mr António Mendonça Mendes, the Portuguese Secretary of State for Tax Affairs on Sunday Macau (MNA) – A delayed tax agreement between Portugal and Macau will be signed later this year, Mr António Mendonça… – Continue reading

Update on Portugal’s Non-Habitual Residence Program

Concerned about the tax implications of buying property in Portugal? Good news! Foreigners who want to buy in Portugal and meet certain criteria may be exempt from paying tax on most forms of overseas income. Here’s how! In a bid to bounce back from the 2008 financial crisis, Portugal has… – Continue reading

Macau | City preparing to join OECD automatic financial exchange agreement – Financial bureau

The Macau government is preparing to sign the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information which will allow automatic tax information exchange with other members of the Organisation for Economic Co-operation and Development Macau (MNA) – The Financial Services Bureau (DSF) has informed Macau News Agency… – Continue reading

Swiss Come Clean Amid Data Swaps

Switzerland’s abandonment of banking secrecy for international tax dodgers is having an unexpected side effect at home: more domestic tax cheats with accounts around Europe are coming forward. If 2017 was the glide path for Switzerland’s international data-swapping agreements, this year means business: Swiss banks must automatically share client data… – Continue reading

Swedish retirees are flocking to Portugal to avoid taxes – but they could soon end up like their Danish and Finnish peers

In recent years, Portugal has become a popular low-tax haven for Swedish retirees. Since 2009, almost 2300 Swedes, most of them senior citizens, have swapped dark winters for the Mediterranean sun, and moved to Portugal either part- or full-time. Doing so, they have been able to avoid paying taxes to… – Continue reading

EU Takes Legal Action Against Portugal, Two Others on Tax Deals

The European Commission launched legal proceedings against Portugal, Bulgaria, and Cyprus for not adopting, in their national laws, European Union legislation requiring all EU countries to exchange tax rulings granted to multilateral companies. The legislation was adopted in the wake of the 2014 LuxLeaks scandal that revealed more than 100… – Continue reading

EU Sets Sights on Tax Privileges in Special Economic Zones

The European Commission wants stricter guidelines for the “tax privileges’’ some European Union countries permit within special economic zones in their jurisdictions, to enhance economic development. The confidential proposal for the guidelines, seen by Bloomberg BNA, is currently under discussion within the EU’s Code of Conduct Group for Business Taxation,… – Continue reading

Hong Kong Signs AEOI Pacts With Portugal And South Africa

Hong Kong has signed agreements with Portugal and South Africa to automatically exchange financial account information in tax matters. The agreements expand Hong Kong’s Automatic Exchange Of Information (AEOI) network to include a total of 11 countries. The other reportable jurisdictions for Hong Kong are Belgium, Canada, Guernsey, Italy, Japan,… – Continue reading

Hong Kong signs agreements with Portugal and South Africa on automatic exchange of financial account information in tax matters

Hong Kong has signed agreements with Portugal and South Africa for conducting automatic exchange of financial account information in tax matters (AEOI), a Government spokesman said today (April 3). “We have been seeking to expand Hong Kong’s AEOI network with our tax treaty partners. The signing of agreements with Portugal… – Continue reading

Parliament makes publication of offshore transfer totals mandatory

The Portuguese parliament voted unanimously to pass a draft law by the Left Bloc that makes it mandatory to publish the annual total and destinations of transfers to offshore accounts, regardless of any ministerial decisions. Tax office statistics with the amounts transferred to offshore accounts were not published between 2011… – Continue reading

2017 Budget Law: tax relief for individuals who decide to fix their tax residence in Italy

The 2017 Italian Budget Law introduces a tax relief for individuals transferring their tax residence to Italy, in accordance with similar regimes adopted by other countries such as the United Kingdom, Switzerland and Portugal. The relief is part of a package of measures intended to facilitate investment in Italy and… – Continue reading

New Double Tax Treaty signed between Montenegro and Portugal

Montenegro has concluded double taxation treaties with more than 35 countries, and this number continues to grow. The most recently signed treaty is the one concluded with Montenegro. The agreement affects persons who are residents of one or both of the contracting states and applies to the Portuguese personal income… – Continue reading

Special tax regime for Non-Habitual Portuguese Resident individuals

Portuguese income tax law provides for a 20% reduced rate and, in respect to income obtained abroad, a full tax exemption, for certain types of income derived by individuals having the status of Non-Habitual Portuguese Residents (NHPR). Any individual that in a certain year becomes tax resident in Portugal will… – Continue reading

The favourable tax regime of new Italian residents

The 2017 Budget Law introduced (starting from fiscal year 2017) favourable provisions for people wishing to become tax residents in Italy. It is aimed at wealthy individuals who wish to bring in new capital resources. The regime is inspired by the non-domiciled resident regime which is in force in the… – Continue reading

Finland allowed to tax pensioners in Portugal

Following pressure from the Finnish government and public opinion in the Scandinavian country, Helsinki has announced a deal which will allow it to come after expat pensioners, who are residing in Portugal, for income tax payments from which they were previously exempt. Other EU states have also expressed their aversion… – Continue reading

Finnish Expats In Portugal Face Higher Taxes

Finland will have “more possibilities” to tax Finnish pensioners living in Portugal under a recently revised bilateral double taxation avoidance treaty, the Finnish Government has said. The new agreement was signed on November 7 by Portuguese Finance minister Mario Centano and his Finnish counterpart Petteri Orpo, who declared himself “very… – Continue reading

Liberia: Africa’s unknown tax haven with much to lose

As world leaders consider what to do about the revelations emerging from the Panama Papers, Liberia’s government will be worrying about the fall-out that may cross the Atlantic Ocean from the affair. The European Union has announced it will be creating a new “tax haven blacklist”, to be released by… – Continue reading

Ethiopia’s parliament ratifies double taxation avoidance with four countries

Ethiopia’s House of People’s Representatives (National Parliament) in its regular meeting on Friday ratified a bill to avoid double taxation with Saudi Arabia, Portugal, and Democratic People’s Republic of Korea based on the agreement the nation earlier signed with those countries. The elimination of double taxation helps to increase investment… – Continue reading

Brazil: PRORELIT, CSLL Within International Treaties And Tax Planning Statements: Conversion Of Provisional Measure No. 685/2015 Into Law No. 13,202/2015

On December 8, 2015, law No. 13,202 was published, as a result of the conversion of Provisional Measure No. 685/2015 into law. In addition to providing for the Program for Reduction of Tax Litigation (PRORELIT, for its acronym in Portuguese), said law addressed issues such as the scope of double… – Continue reading

31 nations sign agreement on exchange of country-by-country transfer pricing reports

In an effort to provide their tax administrations with more tools to combat corporate tax avoidance through transfer pricing, officials from 31 countries today signed an agreement setting out the parameters for automatic exchange of country-by-country reports on large multinational corporations. The agreement — the Multilateral Competent Authority Agreement on… – Continue reading

S. Korea, Macau to sign tax information exchange agreement

Macau’s Financial Services Bureau (DSF) has confirmed to Business Daily that the local authority is to sign a Tax Information Exchange Agreement (TIEA) with South Korea, which would add to the existing 15 jurisdictions that have already signed this agreement with the territory. According to the Bureau, its South Korean… – Continue reading

How to take your UK pension pot overseas-and not be hit by a big tax bill

Once the thrill of deciding to retire overseas has subsided, you normally start to think of all the things you need to do before you go. Picking the right removal firm, a lawyer to help you buy a new home are a couple, but the tax & financial implications of… – Continue reading

Retrospectiva2015: Angolan diplomacy in the context of diversification of the economy

Luanda – Throughout the year just ended, as in the previous, the country’s economy “found himself grappling” with a major setback if they can be considered, due to the continued drop in oil prices, which is in the house $ 37 a barrel, far from the historic $ 122 value,… – Continue reading

Financial Information Sharing for 2016

Where it happens does not matter. Portugal or overseas, whether its rental income, bank interest, bond yields, dividends, or even gains from the sale of a property, such personal financial information will be automatically shared from 1st January 2016. For many who have undergone financial planning, or have been involved… – Continue reading

Financial Information Sharing for 2016

Where it happens does not matter. Portugal or overseas, whether its rental income, bank interest, bond yields, dividends, or even gains from the sale of a property, such personal financial information will be automatically shared from 1st January 2016. For many who have undergone financial planning, or have been involved… – Continue reading

IP BOX: Italian and European Legal Framework

On 22 December 2014, the Italian Parliament approved the Budget for 2015.40 Among other measures, the Law introduces the possibility of an exemption from corporate income tax (IRES, generally levied at 27,5%) and local tax (IRAP, generally levied at 3,9%) on income derived from qualifying intangible assets (such as patents,… – Continue reading