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Portugal is making some big changes to its taxation system in 2023. As part of the new Financial Act, both personal and corporate taxation rules and regulations will be adjusted. This article will provide a key overview of Portugal’s personal financial changes for 2023; that individuals and businesses should be aware of as they plan for the coming year.

What are the personal financial act changes? Review now!

Tax obligations

  • SAF-T file communication

    • The communication period of the SAF-T file must be until the 5th of the month, following the issuance of the document (previously was the 12th of the following month)
  • Contact information

    • Any entity that makes available telephone numbers for contact in its commercial communications must clearly disclose up-to-date information on the price of calls.
    • If not possible to disclose the amount because it is variable depending on networks, the following info should be provided – call to national landline network; call to national mobile network
  • IRS (personal income tax)

    • Change of 5.1% of the limits of each tax bracket compared to previous year
    • Deduction of the dependants
      • An increase in the personal deduction will be provided to a household composition with more than one dependant
  • Crypto assets

    • A new regulation is created on gain and income arising from crypto assets
      • Now taxation on the capital gains obtained from the alienation of crypto assets – exemptions do apply here
    • Stamp tax for crypto assets
      • Proposed to tax at the rate of 10% the free transmission of crypto assets, when deposited in Portugal

How RHJ Accountants can help

The above list of changes are only a short overview of the recent alterations in personal taxation for Portugal. If you would like to review the full list of changes, then you can download RHJ Accountants detailed document now. After reviewing the document, you can book a meeting with our team to understand how we can help improve your tax efficiency, or ensure you’re meeting all the rules in Portugal.

Our team of experienced accountants are available to provide personalised advice, tailored to your individual situation. Contact us today to find out more!

Whilst focusing on personal tax in Portugal, do you need to file a personal tax return? Review our tax page online to understand more! Or maybe you need to hire a certified accountant in Portugal to help with other tax services, take a look at the different tax services we can help with today.

Want to speak about the changes? Contact us today!

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💬 PSA: between April & June our Portuguese team have limited meeting availability due to the Tax Return Submission Period 🇵🇹