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  • Portugal: Clarifications regarding the conventional remuneration of the share capital and postponement of the deadline to submit the CIT Modelo 22 return

    Through Dispatch no. 148/2023-XXIII, of May 22, the Portuguese Government approved the extension of the deadline to submit the annual Corporate Income Tax return (Modelo 22), as well as has clarified the application of the tax incentive corresponding to the conventional remuneration of the share capital.
  • Portugal: Approved the withholding tax rates applicable in the second semester of 2023

    The withholding tax rates applicable to employment income (category A) and pensions (category H), obtained by the resident taxpayers in mainland Portugal, during the second semester of 2023, were approved by Order no. 4930/2023, of 26 April.
  • Portugal: Amendments to withholding tax rates applicable in 2023

    Had been amended the withholding tables applicable to employment income (category A) and pensions (category H), received by residents in mainland Portugal, by Order no. 4732-A/2023, of 19 April.
  • Portugal - Real estate capital gains obtained by non-residents: clarifications

    Until 2022 real estate capital gains obtained in Portugal by non-residents were taxed autonomously at the special IRS rate of 28%, except when residing in a Member State of the EU or the European Economic Area and opting to be taxed according to the progressive rates applicable to residents in Portugal from 14.5% to 48%, plus the additional solidarity rate for taxable income exceeding EUR 80,000 (applicable on the exceeding part).
  • Tax Newsletter - March 2023

  • Portugal: Temporary VAT exemption to certain food products

    Law no. 17/2023, of April 14, recently approved determines the exceptional and temporary application of VAT exemption to certain food products, from 18 April to 31 October 2023, to mitigate the inflation effect.
  • Spain: There is no consensus among the authorities over how transfers of renewable energy projects under development are taxed

    A recent decision by the Navarra provincial tax authorities allows the exemption to be applied to the capital gain on the transfer of shares, which contrasts with the restrictive interpretation given by the Directorate General for Taxes.
  • The Supreme Court rules that Spanish tax legislation discriminates against nonresident hedge funds in Spain

    According to the Court, nonresident hedge funds should be treated like residents if they prove that they are open-ended entities, that they have the relevant authorization, and that they are managed by an authorized management company pursuant to the terms of Directive 2011/61/EU.
  • Tax Newsletter - February 2023

  • Energy transition: these are the new tax incentives for renewable energy and electric vehicles in Spain

    Unrestricted and accelerated depreciation tax benefits have been available since 2023 for investments in assets that use energy from renewable sources and electric vehicles, respectively. These incentives originated from the Plan+SE program approved by the Council of Ministers in October 2022.