Flash News NA 4/12/2023
Portugal_Brief analysis of the State Budget for 2024
Main tax changes introduced by the 2024 state budget in Portugal.
IRS: reduction of IRS rates up to the 5th bracket, increase in the minimum existence, extension of the Young IRS, change in the regime of ex-residents, deduction of training and education expenses, deduction of union dues.
IRC: reduction of autonomous taxation rates, inclusion of industrial property and goodwill in the list of tax expenses, IRC exemption for start-ups, end of the extraordinary profits tax, incentives for salary appreciation and hiring of qualified professionals, support for energy consumption.
Indirect Taxes: increase in tobacco tax, creation of a tax on plastic packaging, creation of a tax on air travel, reduction of tax on electric vehicles.
Property Taxes: increase in IMI for properties with a tax patrimonial value above 1 million euros, increase in stamp duty on free transfers of goods, creation of a tax on real estate capital gains.
Tax Benefits: creation of a tax incentive for higher education and scientific research teachers who become residents in Portugal, extension of the tax regime for real estate investment funds, creation of a special tax regime for companies that invest in the interior of the country.
Tax Justice: reinforcement of the means and competences of the Tax and Customs Authority, simplification and digitalization of tax procedures, creation of a voluntary debt regularization regime, creation of a mandatory tax arbitration regime for disputes over 5 million euros.
Some administrative measures have also been introduced, of which the following stand out:
Until December 31, 2024, PDF invoices are accepted and considered electronic invoices for all purposes provided for in tax legislation,” according to the transitional provision presented, which includes several tax simplification measures.
The initiative also provides that the submission of the SAF-T (PT) file relating to the accounting of companies, “is applicable to the periods of 2025 and beyond”, postponing its delivery to 2026.
On the other hand, “with regard to the tax period beginning on or after January 1, 2024, passive subjects who are not required to maintain a permanent inventory are exempt from the obligation to value inventories” provided for in the current legislation.
At Nominaurea, we are available to support your company in all fundamental issues to develop your activity, always complying with all legal requirements. We look forward to hearing from you!
