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12 December 2017

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Portugal's Parliament Approves 2018 Budget Law

On 27 November 2017, Portugal's parliament approved the 2018 Budget Law (Bill No. 100/XIII). Main measures include:

  • An extension of capital gains taxation rules so that gains from the transfer of foreign shares or similar rights may be taxed in Portugal if more than 50% of their value is derived from immovable property situated in Portugal;
  • New rules regarding foreign permanent establishments that require taxpayers to provide justification for any losses, expenses and negative capital variations;
  • A change in the reinvestment incentive for SMEs so that up to 10% retained earnings may be deducted if reinvested within three years with a deduction cap of EUR 7.5 million per tax period (cap equal to 50% of annual tax liability also applies);
  • A new rule allowing taxpayers to treat unclaimed tax credits as losses or expenses; and
  • Adjustments to the individual income tax brackets including new 23% and 35% tax brackets as follows:
    • up to EUR 7,091 - 14.5%
    • EUR 7,091 up to 10,700 - 23.0%
    • EUR 10,700 up to 20,261 - 28.5%
    • EUR 20,261 up to 25,000 - 35.0%
    • EUR 25,000 up to 36,856 - 37.0%
    • EUR 36,856 up to 80,640 - 45.0%
    • over 80,640 - 48.0%

Measures of the Budget Law will generally apply from 1 January 2018. Additional details will be published once available.

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