Trade marks and designs
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Trade Marks and Designs

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The EUPIO, based in Alicante, is a European institution tasked with managing intellectual property at the EU level. They have launched their reimbursement program for 2024, along with the issuance of vouchers for trademark registration.

These vouchers are designed to assist in covering a portion of the fees associated with trademark registration at the EU level, offering reimbursement of up to 75% of the registration costs.

For further information and assistance, please feel free to reach out to us.

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IRS Tax Return 2023
byBruno VarajãoAccountingNo Comments

IRS Tax Return 2023

Filing Period
The period for submitting the Tax Returns for the income obtained during the year of 2023 is between 1st of April and 30th of June.

 

Automatic IRS
Taxpayers may opt for automatic IRS if they are employees (category A income) or retirement pensioners (category H income) if they have no other income.

 

Exemption in Filing Tax Return
Taxpayers who, in 2023, received individually or cumulatively the following income are
exempt from submitting the Tax Return (Model 3):

  • Dependent work or pensions up to €8,500, as long as there has been no IRS withholding;
  • Taxed at withholding rates (e.g., interest on bank deposits or other investments) and do not opt for the aggregation of such income;
  • From isolated acts, provided that the respective amount is less than four IAS (€1,921.72).
    We advise you to consult the information leaflet provided by Tax Authority at the link:
    (Information Leaflet – AT) IRS – Deductions, tax benefits and fees for income for the
    year 2023 (portaldasfinancas.gov.pt)
    The information presented in this article does not bind and does not replace the complete consultation of the legislation in force or the consultation of the IRS services at Oporto Accounting.
    Oporto Accounting is the leading office is its sector for Accounting, Tax Consultancy, Human
    Resources and Consulting services. With offices located in Porto and Lisbon.
    The high quality of the services provided with the professionalism of our team, make Oporto
    Accounting one of the leading accounting firms in its sector in Portugal.

 

Bruno Varajão

byBruno VarajãoAccountingNo Comments

IT Company

Another international software company, choosing Lisbon Portugal to take advantage of the outstanding conditions that Portugal currently provides to foreign investors who choose to invest in Portugal.

This time was the multinational Wunderman Thompson Commerce to invest in Portugal and expecting to hire 200 new workers for its two centres of excellence in the country.
Wunderman Thompson Commerce has chosen Portugal to implant the largest e-commerce centre of excellence in Europe. The company’s plans in the country include hiring 200 workers for the two centres of excellence already based in Portugal.

 

The company has sad that it plans to hire 200 new workers by the summer of 2022, namely in areas of information systems, engineering, data science and business process.
Also informed that wants to bring a global centre of excellence in e-commerce to Lisbon Portugal, offering a unique opportunity and world-class services to there clients and partners. The objective is to give Portuguese business the best tools, making them competitive in an increasingly globalised marketplace.

 

At Oporto Accounting, we are committed to welcome foreign investors to incorporate in Portugal, providing services such as, company incorporation, accounting, bookkeeping and payroll.

NON-RESIDENTS BOUGHT 8.5% OF REAL ESTATES SOLD IN 2019
byBruno VarajãoAccountingNo Comments

Non-Residents Bought 8.5% Of Real Estates Sold In 2019

Over the years, Portugal has strengthened its position across diverse growth sectores, today it has transformed to a reliable growth driver for business in real estate, manufacturing, financial, healthcare and education. Year after year Oporto Accounting has been helping foreign clients set up there company’s and business all across Portugal especially in Porto an Lisbon.

Non-residents were responsible for 8.5% of the properties sold in Portugal last year.

Foreigners continue to have a significant weight in property acquisitions in Portugal, however, it was lower in 2019. 8.5% of real estate sales in Portugal were made to non-residents, according to data from the National Statistics Institute (INE). As they buy houses much more expensive than national citizens, their weight in the value of transactions was 13.3%.

“After the significant increases both in number and in value in previous years (+14.5% and +19.2% in number and +22.2% and +22.6% in value, respectively in 2018 and 2017), in 2019 the number of real estates acquisitions by non-residents decreased by 2.0%, having increased by only 1.0% in value,” INE says.

The representativeness of non-residents in transactions is lower than that these buyers have in the value of registered transactions, as they tend to seek higher-value properties. “In 2019, the average value of real estate sold to non-residents was 176,429 euros (+3.1% vis-à-vis 2018). This value is 57% higher than the average value of total transactions, a relative difference similar to the one recorded in 2018,” INE explains.

“As in the previous year, residents in France (18.1% of the total value), followed by residents in the United Kingdom (17.3%) were the main foreign buyers of real estate in Portugal. Among the main countries of residence of non-resident buyers, it is worth mentioning China, whose average value of real estate purchased by residents in this country  (373,071 euros) was more than double the total average value of real estate sold to residents abroad.”

Also, the non-residents’ preference no longer lies in the Lisbon Metropolitan Area. “The Algarve has overtaken the Área Metropolitana de Lisboa, having represented 37.7% of the total value of acquisitions by non-residents (35.8% in the Área Metropolitana de Lisboa), as a result of the respective variations of +6.1% and -8.5%, compared to 2018,” the INE concludes.

 

 

Fonte “Eco News”

SURVEY ON BANK EVALUATION ON HOUSING IN PORTUGAL.
byBruno VarajãoBusiness SetupNo Comments

Bank Evaluation On Housing In Portugal

The average value of bank appraisals on housing reached €1,312 per square meter in November, €8 more than in the previous month. This represents a 0.6% increase when compared with October, and a year-on-year growth rate of 8.0%

EXPLANATORY NOTES
The information reported in this press release is based on bank appraisals data taken from a survey sent to the financial institutions that provide loans for the acquisition of residential properties. The survey covers a total of
seven reporting units, which represented 89% of the total amount of new housing loans provided in 2018 in Portugal.

The geometric mean is used to calculate the average value of bank appraisals per square meter of useful floor space. A moving average of three months is used to compile monthly averages.

Month-on-month growth rate

This growth rate provides the change in the average value of bank appraisals of a given month compared with the average value of the previous month expressed as a percentage.

Year-on-year growth rate

This growth rate gives the change in the average value of a given month compared with the average value of the same month in the previous year expressed as a percentage.

More information on this statistical product can be obtained from Statistics Portugal’s website (information only available in Portuguese).

The next press release is scheduled for January 28th, 2020.

Click here to see the PDF with more details.

PORTUGAL’S ECONOMIC TRAJECTORY IS A “CLEAR SUCCESS STORY”, SAYS MOSCOVICI
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Portugal’s Economic Trajectory is a Clear Sucess Story

“In the five years that I have been in this position, Portugal has been a clear success story in economic terms”, said Moscovici, the European Commissioner for Economic and Financial Affairs.”

European Commissioner for Economic and Financial Affairs, Pierre Moscovici, from France, has this Tuesday classified Portugal’s economic trajectory as a “clear success story”, showing “confidence” that the country will continue in a favourable situation.

“In my five years in this position, Portugal has been a clear success story in economic terms: I have seen a strong recovery and growth, strong job creation and an impressive improvement in public finances,” said Pierre Moscovici in an interview with Lusa agency in Brussels.

Recalling the country’s progress in this period in which he was in charge of Economic and Financial Affairs, the French official said he was “confident in Portugal”, despite being “vigilant” towards other economies in the eurozone. This is because, in Portugal, “despite some moderation, economic growth has remained solid and is now more sustained by strong job creation”.

“Second, the high budget deficit has been further reduced to 0.4% of GDP in 2019 and is expected to reach 0.1% by 2020 [according to the European Commission’s forecasts]. Public debt is expected to accompany this reduction, which is why Portugal’s public finance performance is impressive,” added Pierre Moscovici.

He also stressed that “Portuguese banks have made significant progress in reducing NPL [non-performing loans]” and that “the short-term outlook also remains favourable, despite the risks arising from external factors having increased.

The interview with Lusa was even made on the day that the European Commission released its latest post-programme report on assistance to Portugal, which Pierre Moscovici will present at the Eurogroup meeting on Wednesday to eurozone finance ministers. In the document, Brussels acknowledges the progress made by Portugal, but warns of growing pressures in public spending on wages due to the thawing of careers, the growth of the state’s workforce and increases in pensions.

The report – released following the tenth post-programme monitoring mission, which took place between 14 and 19 June last in Lisbon – also indicates that the quality of banking assets has improved and the reduction in bad debt was noticeable in 2018, helped mainly by sales by portfolio banks of defaulted loans (€6 billion in 2018).

On the labour market, the European Commission also considers that, despite the positive developments, precariousness is “persistently high” and has expressed doubts about the impact of labour changes on employment growth. “More efforts are needed to attract investment, to increase productivity and to promote the business environment, factors that are crucial for [the country] to strengthen and grow,” summarized Moscovici.

Former French Finance Minister Pierre Moscovici is about to finish his term as European Commissioner for Economic and Financial Affairs, a job he took in 2014, as he’s not part of the new EU executive led by the French Ursula von der Leyen, which will take office in early November.

Lusa 8/10/2019
https://econews.pt/2019/10/08/portugals-economic-trajectory-is-a-clear-success-story-says-moscovici/

byBruno VarajãoBusiness SetupNo Comments

Portugal Has Attracted 873 Million

“Contractual and general investment support schemes have ensured that investments totaling € 873 million attracted 3,668 jobs,” says MNE.

Until October 2018, Aicep managed to attract investment totaling 873 million euros, reveals the presentation that Foreign Minister Augusto Santos Silva prepared for the deputies, in the context of discussions on the State Budget for 2019. These investments, according to the same document, allowed the creation of 3,684 jobs.

“The contractual and general investment support schemes have ensured that investments totaling 873 million euros were attracted, with the creation of 3,684 jobs”

Aicep, which acts as a “single gateway to public incentives from foreign and domestic companies with investments in excess of € 25 million or consolidated turnover in excess of € 75 million”, acts as an intermediary in providing grants, tax credits and benefits on Portuguese investment and foreign direct investment.

Oporto Accounting provides a one-stop shop professional services of company registration, company secretarial, annual compliance of tax filling and accountancy.

Portuguese Parliament Approves Decree to Implement DAC6 Reporting Requirements
byBruno VarajãoAccountingNo Comments

Portugal Approves DAC6 Reporting Rules

Portuguese Parliament Approves Decree to Implement DAC6 Reporting Requirements

According to an update from the Portuguese Parliament, the Decree establishing the rules for the implementation of Council Directive (EU) 2018/822 of 25 May 2018 (DAC6) on reportable tax arrangements has been approved and sent for promulgation on 25 June 2020. This includes rules for the required reporting of potentially aggressive tax-planning arrangements that primarily applies for intermediaries but may also apply for taxpayers.

As provided in the Decree, Portugal’s implementation of DAC6 includes some important differences as compared to the implementation by most other EU Member States. One of the key differences is in the scope of taxes covered, which includes not only cross-border arrangements as required by the Directive, but also internal arrangements involving personal and corporate income tax, VAT, municipal property and transfer tax, or stamp duty.

The new requirements will apply from 1 July 2020, with reportable arrangements to be reported within 30 days from the earlier of:

  • the day after the date the arrangement is made available for implementation;
  • the day after the date the arrangement is ready for implementation; or
  • the moment the first step of the arrangement is implemented.

Further, cross-border arrangements must be reported by 31 August 2020 where the first step of implementation was taken in the period between 25 June 2018 and 30 June 2020. Failing to comply with the requirements may result in penalties of up to EUR 80,000.

Note – The Decree was approved before the recent approval of the optional deferral of DAC6 reporting in the EU by up to 6 months. As such, the deadlines as per the Decree may change. Further details will be published once available.

Fonte :Orbitax International Plaform

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