Residents in Portugal for tax purposes are taxed on their worldwide income at progressive rates varying from 14.5% to 48% for 2023.
Non-residents are liable to income tax only on Portuguese-source income, which includes not only that portion of remuneration that can be allocated to the activity carried out in Portugal but also remuneration that is borne by a Portuguese company or permanent establishment (PE).
For the purpose of applying the tax rate, the taxable income is divided by two if the taxpayers are married and not judicially separated, as well as in the case ofde factomarriages, whatever the circ*mstances, should they opt for joint taxation.
Special rates apply to capital gains and investment income.
Additional solidarity rate
In 2023, an additional solidarity rate, which varies between 2.5% and 5%, applies to taxpayers with a taxable income exceeding EUR 80,000.
For non-residents, you'll pay a flat tax rate of 25%, while residents are taxed on a progressive scale from 14.5% to 48%. Like the US, the Portugal tax year is the calendar year. Returns must be filed by March 31st, and you are required to pay any additional tax owed by that date.
Put simply, capital gains tax in Portugal is charged on the sale of property or other assets at a rate of 28% for individuals and 25% for companies and non-residents. Residents will need to pay taxes on just 50% of their capital gains.
The individual income tax (or personal income tax) is a tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year. The tax is generally imposed by the state in which the income is earned.
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