Updating on the monetary devaluation indexes for 2020
Tax Alert Portugal
The monetary devaluation indexes were approved by Ordinance no. 220/2020, of 21 September, which updates the annual monetary devaluation indexes applicable to the goods and rights disposed during 2020, whose value should be updated in accordance to articles 47 of the CIT Code and 50 of the PIT Code, for the purpose of determining the tax base of the referred taxes, in particular regarding capital gains.
The monetary devaluation indexes update takes into consideration the positive variation of 0,22% of the data published by National Statistics Institute (INE) regarding the Consumer Price Index, with the exception of housing.