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| TAX Amnesty for Portuguese and Foreigners |
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There are stiff penalities once the tax Amnesty expires and local tax administrations will be scutinising residents locally. The tax will be a flat rate of 7.5% based on the value of those untaxed assets. As all countries are now re-negotiating Double Taxation agreements in the light of the credit crisis and the fact that there are large offshore financial accounts coming under scrutiny. Be sure to consult your accountant or tax advisor. Source: Tiago Guerreiro |







With immediate effect Portuguese residents or foreigners who are resident in Portugal are being encouraged to take advantage of the TAX AMNESTY that the new government has introduced. A new amnesty will be in force from 1 JANUARY 2012 TO JUNE 2012. This will mean that should you have any assets, incomes, shares, property, stocks or any other type of local or offshore income you will receive 6 months to declare it all. The tax rate is 7.5% which is favourable considering other existing regimes in UK and Germany.