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Portugal 2024 IRS Tax Filing

Secure Your Spot Now: 2024 Tax Filing Services Available!

As the tax-filing deadline of June 30, 2024 approaches, we are committed to ensuring that you meet your obligations with ease and accuracy. Our expert team of professional accountants is ready to assist you in navigating the complexities of tax filing in Portugal for the income year of 2023. Just answer 5 questions to see if you pre-qualify for the tax filing services.

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2024 Tax Rates for Portugal Residents and Non-Residents: What You Need to Know

Rental Income:
For both non-tax and tax residents, rental income is taxed at a flat rate of 28%. This straightforward approach ensures clarity in your tax obligations when dealing with properties in Portugal. For residential rentals, any contracts signed or renewed from October 2023 onwards are taxed at 25%, although certain exceptions may influence the applicable date for this rate. Tax payer can also opted to have the rental income added to the total aggregated income in some situations, which is subject to the general progressive tax rates ranging from 13.25% to 48%, based on the total income earned throughout the year.

Capital Gains Taxation Changes:
Starting in 2023, only 50% of capital gains from the sale of real estate is taxable for both tax residents and non-tax residents. For non-tax residents, these gains are taxed at marginal rates between 13.25% and 48%, plus the solidarity rate if applicable. The determination of these rates considers the worldwide income of the taxpayer, even if this income is not taxed in Portugal.

For tax residents, capital gains may be wholly or partially exempt under certain conditions. For instance, if the property sold was the taxpayer’s primary residence for the last 24 months and the sale proceeds—reduced by any outstanding loans related to the property—are reinvested in buying, improving, or constructing another primary residence within the EU within 36 months before or after the sale. Other exemptions on capital gains from real estate sales may also apply.

Dividends and Interest Taxation:
Dividends and interest are generally taxed at a flat rate of 28%. However, you have the option to include these incomes in your overall taxable income, which may then be taxed at marginal rates ranging from 13.25% to 48%, plus an additional solidarity tax if applicable. This choice can offer significant tax savings depending on your other income and tax deductions available in 2024.

For non-resident,

Income Tax:
Tax residents in Portugal are taxed on their worldwide income at progressive rates varying from 13.25% to 48% for 2024. Those that have NHR status are tax-exempted on their worldwide income, except for pension (which is taxed at 10%), and 20% flat for certain type of employment income generated in Portugal.
Non-residents are liable to income tax only on Portuguese-source income, employment and pension income is taxed at a flat rate of 25% in 2024.

For non-habitual residents, they enjoy 10 years of tax exemption for global income (except for pension income which is taxed at 10%). Other incomes are taxed at a flat rate of 20% (except for employment income which is subject to the employment type).

*Please note this is a simple overview of the tax rate. Please talk to your tax expert on your individual case.

Pre-Qualify Now for 2024 Tax Filing Services!

Need Expert Tax Advice? We’re Here to Help

  • Unsure whether you are required to file a tax return in Portugal?
  • Find it difficult to understand which expenses qualify as tax-deductible and would like to ensure you take advantage of all applicable exemptions?
  • Looking for professional assurance that your tax return is filed correctly and on time?
  • Need help navigating the complexities of different types of income and their applicable tax rate on your specific scenario?  
  • You have the Non-habitual resident status and not sure what type of income needs to file for tax?

If you answered “yes” to any of the questions above, it’s likely that you could benefit from expert advice on your tax filing. Proper tax planning is crucial not only to comply with the law but also to optimize your tax liability. Engaging a professional tax accountant can provide you with peace of mind and potentially substantial financial savings through strategic use of tax deductions, exemptions, and other beneficial options.

Our team of professional accountants is dedicated to ensuring that your tax filing process is smooth and advantageous. We will handle all aspects of your tax preparation, from gathering the necessary details to meticulously filling out the tax forms. More importantly, we are committed to identifying and applying all applicable tax deductions to minimize your liabilities and maximize your returns.

The filing of the tax return for your 2023 income is from April 1st to June 30th, 2024.

Don’t navigate the complexities of tax filing alone—let our experts guide you every step of the way.

Answer 5 Questions to Pre-Qualify for 2024 Tax Filing Services!

Pre-Qualify Now: Secure Your Exclusive Spot for Personalized Tax Services!

Due to high demand for our specialized services, we are offering pre-registration to a limited number of clients to ensure personalized and thorough service. This is a perfect opportunity for those who seek hassle-free tax filing with professional guidance. By pre-qualifying, you ensure that our services match your needs perfectly, securing a spot in our exclusive client list.

Our commitment on service level: We will get back to you within 2 business days of filing the forms. And if you are qualified, we can start immediately on the tax filing process.

Please fill in the form below to pre-qualify:

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