Latest news and stories about tax exemption in legal in Portugal for expats and residents.
The Ministry of Finance has upheld the Tax Authority's restrictive interpretation of IRS capital gains exemptions for real estate, confirming the legality of their stance on properties in ruins and mixed-use assets.
The Portuguese Tax Authority has clarified that young people under 35 are ineligible for first-home tax exemptions if they already own shares in residential properties, regardless of whether those shares were acquired through inheritance or donation.
Approved unanimously, the bill now moves to the Presidency of the Republic for promulgation. Each victim will receive between 9,000 and 45,000 euros, according to the Episcopal Conference.
The legislation resulted from the merger of a government bill and bills from Chega, Livre, and the Left Bloc, which were approved in principle on June 12th and now proceed for promulgation.
Bills from BE, Chega, and Livre, along with a resolution from PAN, were approved in general terms and will now proceed to the committee stage, where a generalized tax exemption mechanism will be discussed.
If the compensation resulted from a court decision, the tax exemption would be automatically guaranteed.
The proposal provides that the tax exemption will also be applicable to financial compensation awarded for sexual abuse of minors and vulnerable adults in other similar situations.
Young people up to 35 years old who applied for the IMT and IS exemption could be excluded from the benefit if they held a share in an undivided inheritance that included residential properties.
The Ministry of Finance explains that this exclusion will also be applicable to financial compensation awarded for sexual abuse of minors and vulnerable adults in other similar situations.
In response to the Ministry of Finance's intention to exempt compensation for victims of church abuse from income tax, the Corações Silenciados association is pleased but argues that there are still cases to be recognised.
The government has announced that compensation payments for sexual abuse victims will be exempt from IRS income tax.
Victims of sexual abuse within the Catholic Church will be exempt from taxes on their compensation payments.
Victims will receive between nine thousand and 45 thousand euros.
The new president of the Portuguese Episcopal Conference said that the bishops hope for this “sign” towards the victims of abuse.
Victims will receive between nine thousand and 45 thousand euros.
The bill was submitted to Parliament. The BE will speak with other parties to attempt to reach a consensus.
Some salary bonuses exempt from IRS, such as productivity and performance bonuses, will not cause the tax rate to increase, the Tax Authority clarified. However, there are exceptions.
The tax authority clarifies that it is possible to move the amount after ten years without any penalties
