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20 January 2021

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Portugal Publishes Updated Corporate and Personal Income Tax Return Forms

Portugal has approved amendments to update the corporate and personal income tax return forms, considering legislative changes made in 2020 and the need to introduced improvements in the forms.

Order no. 314/2021 approves amendments to the corporate income tax return (Modelo 22), its annexes, and its instructions. Some of the main changes concern the different annexes, including:

  • Annex A, which concerns taxpayers with permanent establishments or local representations in more than one municipality;
  • Annex B, which concerns the determination of taxable income under the simplified regime;
  • Annex C, which concerns income attributable to the autonomous regions;
  • Annex D, which concerns taxpayers who obtain exempt income or enjoy other tax benefits;
  • Annex E, which concerns resident taxpayers that are primarily engaged in a commercial, industrial, or agricultural activity and opted for the simplified regime;
  • Annex F, which concerns the calculation of tax by Collective Investment Undertakings;
  • Annex G, which concerns the calculations of the taxable amount for maritime transport activities; and
  • The AIMI Annex, which concerns the additional municipal property tax and the identification of buildings owned by legal persons that are used for the personal use of the shareholders, members of the governing bodies or any management bodies, administration, management or supervision, or of their spouses, ascendants or descendants.

Ordinance No. 8/2021 approves amendment to the personal income tax return form (Modelo 3), its annexes, and its instructions. This includes changes in relation to allowed tax deductions for health and education expenses incurred with dependents under foster care, changes in relation to newly listed high value added activities, and changes in relation to expenses incurred under long-term renting contracts.

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