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2 October 2014

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Portugal to Increase Contractual Tax Incentives

On 18 September 2014, Portugal's Council of Ministers approved proposed changes to the countries contractual tax incentives regime. Changes include:

  • Increasing the maximum tax credit amount from 20% to 25%
  • Introducing an additional tax credit of 10% for qualifying investments in certain low income regions
  • Introducing an additional tax credit of 8% for qualifying investments that create new jobs
  • Introducing an additional tax credit of 6% for qualifying investments contributing to technological innovation or the protection of the environment

Under the current regime, contractual tax incentives are granted for qualifying industrial investment projects in specific activities carried out by 31 December 2020 if they involve an investment of at least €5 million and are deemed to be of a strategic interest to the domestic economy and encourage job creation, technological innovation and domestic scientific research.

The incentives, granted by the central government on a case-by-case basis for a maximum period of 10 years, include a 5% to 20% investment tax credit and an exemption from or reduction of municipal tax on immovable property, municipal tax on the transfer of immovable property and stamp duty.

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