Jueves, 25 Noviembre 2021

Changes to the tax legislation that need to be considered in the next 2022 State Budget in Portugal

VolverThe recently unsuccessful State Budget had, like the previous ones, no prevision on the tax regime applicable to the taxation of crypto assets. The idea spreads abroad that Portugal does not tax the income of crypto assets, in total disagreement with other European countries, and inside borders one lives with the legal insecurity of not knowing what to expect from a tax system that must be guided by the principle of legality and legal certainty.

The rule of law implies legal certainty for citizens (and companies) to be able to take their decisions with predictability of the respective consequences, values that cut across the legal system as a whole but are truly fundamental in criminal and tax law.

The State Budget proposal recently rejected by the Assembly of the Republic also made no mention of the tax regime applicable to real estate capital gains obtained by non-resident citizens.

This situation assumes worrying proportions when the EU jurisprudence is repeated by the judicial and arbitration courts in Portugal, from which it can only be concluded that the law remains unchanged to see who “falls”, due to inattention or tax ignorance.

In other words, all non-resident citizens who sell real estate in Portugal and obtain a capital gain, if they are lucky enough to be well accompanied in the sale process, obtain a favorable court or arbitration decision, which allows them to see only 50% of their capital gain considered for purposes of applying the Personal Income tax rate, while all others will pay Personal Income Tax on 100% of the capital gains, as it is foreseen in the law, in total disagreement with the principles of EU, which remains unchanged by government option.

On the other hand, the entry into force of a new investment tax credit regime is expected, or, as provided for in the proposed State Budget Law, the Tax Incentive for Recovery, which aimed to grant Corporate Income taxpayers, that meet certain requirements, a tax deduction between 10% and 25% of the investment expenses in tangible fixed assets and biological assets other than consumables, acquired in a new condition, as well as in depreciable intangible assets.

In short, regardless of the Government that may be formed, it seems to us that there are three essential issues to regulate, on the one hand the clarification of the tax regime applicable to crypto assets income and the taxation of capital gains obtained by non-residents and on the other, the introduction of investment and job creation incentives as instruments of economic recovery. Belzuz Abogados S.L.P. – Branch in Portugal has experienced lawyers to provide any clarification on these and other topics.

Departamento Derecho Fiscal y Tributario | Lisboa (Portugal)

 

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