In general opinion, due to economic growth, human capital or the tax system, Portugal is an interesting place to locate one’s business in and is often selected by cryptocurrency investors. It has interesting solutions – check what taxes are levied by Portugal.
Taxes in Portugal
The standard CIT-rate in Portugal is 21%, but there are a number of exemptions and inclusions for the SME sector, with a basic preferential option which consists in taking advantage of the reduced CIT-rate of 17%.
In addition, there are special preferential solutions in Portugal in corporate income tax from persons doing business in Portugal while not being its tax residents.
The standard VAT rate is 23%.
Taxes in Portugal – pay attention to:
The highly attractive regulation and lack of taxation of cryptocurrencies only applies if business operations are not the main object of the company.
Taxes in the Azores and Madeira are lower, and the legal regime may differ for certain types of business activities from that on the mainland.
Moving abroad is a highly significant step in life. Tax issues should come as the last matter to be considered. Think about where you would like to live, where your children should go to school and where you want to run a business. Only after honestly answering these questions, can you decide which country will be the most suitable for all your needs.
WHAT FORMALITIES DO I HAVE TO COMPLETE WHEN MOVING OUT OF POLAND?
There are many formalities, and they depend primarily on the current situation. The aim should be to completely sever all ties with Poland.
DO I HAVE TO FILE A TAX RETURN IN POLAND AFTER MOVING AWAY?
Tax returns in Poland are submitted by Polish residents or persons earning income in Poland who are residents of another country. It all depends on whether you have successfully relinquished your Polish residence. And if you have, it also depends on the kind of income you earn in Poland.
WILL I PAY TAX IN POLAND BECAUSE OF RELOCATING THE COMPANY ABROAD?
The question is about the broad subject of exit tax. First of all, you need to verify what moving the company abroad actually means. It can be both the relocation of the registered office of the company and the personal move of the entrepreneur – a natural person. The tax implications of both situations may be significantly different.
CAN I TRANSFER THE COMPANY'S ASSETS TO THE DESTINATION COUNTRY TAX-FREE?
The general limit below which you do not have to pay exit tax in Poland is PLN 4 million. Nevertheless, it is always necessary to check this issue because the transfer of the company’s assets to the destination country will not always mean the same thing.
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