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Taxes in Portugal are levied by both the national and regional governments of Portugal. Tax revenue in Portugal stood at 34.9% of GDP in 2018. [1] The most important revenue sources include the income tax, social security contributions, corporate tax and the value added tax, which are all applied at the national level.
Personal Income Tax – is a tax paid by Portuguese citizens domiciled in Portugal for their worldwide income. Non-residents of Portugal only pay this tax for their Portuguese sourced income. [11] [12] [13] Corporate Income Tax – is a tax applied to the income of companies operating in the territory of Portugal. [4] [14] [15] [16] [17]
The tax rates given for federations ... Portugal [40] 21% (in mainland) ... Global minimum corporate tax rate; Robin Hood tax; Tobin tax;
The quoted income tax rate is, except where noted, the top rate of tax: most jurisdictions have lower rate of taxes for low levels of income. Some countries also have lower rates of corporation tax for smaller companies. In 1980, the top rates of most European countries were above 60%. Today most European countries have rates below 50%. [1]
Since the 1980s, MIBC tax benefits have evolved. Their core principle is the reduction of the corporate tax rates in the Portuguese tax code. Under the current set of tax benefits applicable to the MIBC tax benefits, the applicable corporate income tax rate—known in Portugal as IRC—for licensed companies is 5% of taxable income. [19]
The country is scrapping the 20% flat tax rate foreign workers pay in the ... Business. Entertainment. Fitness. Food. ... and journalists — pay a flat 20% rate of tax on income earned in Portugal.
The Portuguese Tax Code foresees aggravated withholding tax, 35% tax rate, on capital income (interests and dividends) deriving from black listed jurisdictions and an aggravated municipal property tax of 7% on property owned by entities located in said jurisdiction.
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