Tax
09-24-2020
The Finance Ministry has published a bill of amendment to the laws governing corporate income tax (bill of September 15, 2020). The bill states that corporate income tax will start being levied on limited partnerships, and places new obligations on the so-called “real estate” companies (spółki nieruchomościowe). Another new piece of legislation places large taxpayers under obligation to publish reports on compliance with their tax strategy.
09-21-2020
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.
09-16-2020
The COVID-19 outbreak at the beginning of 2020 has caused an unprecedented worldwide crisis, first in healthcare, later in the economy. On the subject of the economy, although there has been much discussion about the various ways and times that the impatiently awaited recovery will occur, there are no signs of it happening in the short term, and the pandemic’s effects on the economy are likely to be felt for a long time. That also has an impact on transfer pricing, and will have (and is actually already having) important consequences on how controlled transactions are carried out within multinational groups, on how prices are determined in those transactions, and on how these issues must be addressed with the tax authorities.
09-08-2020
The new model forms 21-RFI, 22-RFI, 23-RFI and 24-RFI, which are required for the application of international double taxation conventions, were approved by Dispatch No 8363/2020 of 31 August 2020.
08-31-2020
The Brazilian Transfer Pricing (TP) rules, imposed on imports and exports of goods, services and rights carried out between related parties, were enacted back in 1996, based on a controversial and simplistic “arm’s length” methodology involving fixed profit margins and flexibility for taxpayers to choose the most appropriate calculation method for the parameter price. These rules have not been subject to major updates since then and have somehow deviated throughout the years from the TP Guidelines introduced by the Organization for Economic Cooperation and Development (OECD).
08-12-2020
It has been published in the official website of the Portuguese Tax Authority, the new postponement of the deadline to comply with the obligation to prepare and submit the transfer pricing file, to which large taxpayers are subject, under article 130, no. 3, of the Corporate Income Tax (“IRC”) Code, to September 15th, 2020 (in line with the postponement of the submission of the IES/DA).
08-10-2020
The Government approved some legislative changes regarding SAF-T (PT) accounting file and reporting obligation on the establishments where invoices are issued through Decree-Law no. 48/2020, of 28 August. We highlight below the principal measures.
08-04-2020
In order to mitigate the effects of the Covid-19 pandemic, the Portuguese Government approved, by Law no. 29/2020 of 31 July, three more fiscal measures to support micro, small and medium-sized enterprises
08-03-2020
IRC periodic return (Model 22) can be submitted and corresponding tax can be paid until today, without any penalty, as decided by the Portuguese Government, by Order 296/2020XXII, given the constraints presented by companies and accountants in the context of the pandemic Covid-19.
07-31-2020
We outline below the exceptional measures that have successively been adopted to mitigate the effects of the Covid-19 pandemic in Portugal on payments on account and additional payments on account.