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    July 4, 2024
    Encouraging news on the Tax Front

    Today’s “Financial Times” Edition brings much anticipated news on the reintroduction of tax breaks for new tax residents in Portugal.

    The Minister of Finance has announced that a pack of economic legislation “Accelerate the Economy” will unveil the plan.

    The focus of the tax breaks for new tax residents (which will have to be approved by Parliament, where the government coalition lacks a majority) will be the high skilled workers, who would benefit from a 20% flat rate on income tax from salaries and other professional income. Pension income should be excluded.

    This legislation pack also comprises a reduction in corporation tax from 21 to 15% and the optimization of the participation exemption mechanism which allows exemption on distribution of dividends from Portuguese subsidiaries to the shareholder company.

    EDGE will provide regular updates as more details are released and throughout the legislative process.

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