Portugal - Income Tax

Income Tax

Taxation of international executives

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Tax returns and compliance

When are tax returns due? That is, what is the tax return due date?

The Portuguese annual personal income tax return should be filed with the tax authorities, in paper or filed through the Internet, within the following deadlines:

  • from 15 March to 15 April – when only employment income and/or pensions are received;
  • from 16 April to 16 May – when other type of income was also received. 

In the situations where the taxpayer is entitled to a tax credit in Portugal (to eliminate international double taxation) on the foreign source income received, and the information on the final tax due is not available within the previous deadlines. However, in the country of the source of the income, the tax return may be filed up to 31 December.

What is the tax year-end?

31 December.

What are the compliance requirements for tax returns in Portugal?


The Portuguese fiscal year for individuals is the calendar year. Portuguese residents - either for the full year or part-year residents - are required to file an annual tax return between 15 March and 16 May each year, as per information provided previously. 

As of 1 January 2015, the general rule is that married couples are taxed separately, and the personal income tax due will be assessed individually. However, both married couples and living together couples have the option to be taxed jointly. In this last case, if one spouse is resident only for part of the year, he/she must report the income received until the last day of staying in Portugal, whereas the resident spouse may file a tax return (only including his/her personal income received) separately, regarding the whole year.

  • Withholding tax levied on most income is deemed as payment on account of year-end’s tax liability and taken into consideration in the annual assessment. 
  • The final tax assessment has to be issued up to 31 July.



Non-resident taxpayers are only required to file tax returns when earning Portuguese-sourced income not subject to withholding tax at the applicable flat rates.

Tax rates

What are the current income tax rates for residents and non-residents in Portugal?


Income tax table for 2015

Taxable income bracket Total tax on income below bracket Tax rate on income in bracket
From EUR To EUR EUR Percent
0.00 7,000.00 0.00 14.5
7,000.00 20,000.00 980 28.5
20,000.00 40,000.00 2,680 37
40,000.00 80,000.00 5,880 45
80,000.00 Over 8,280 48


Income (Portuguese source) Tax rate (percent)
Employment income 25
Business and professional income 25
Interest 28
Dividend 28
Capital gains on sale of shares Tax exempt or 28*
Capital gains on sale of real estate 28*
Rental income 28*
Pension income 25

Non habitual residents

Income (Portuguese source) Tax rate (percent)
Employment income** 20.0
Business and professional income** 20.0
Interest Tax exempt or 28
Dividend Tax exempt or 28
Capital gains on sale of shares Tax exempt or 28
Capital gains on sale of real estate Tax exempt or at the marginal rates up to 48
Rental income Tax exempt or 28
Pension income Tax exempt or at the marginal rates up to 48

* Taxpayer is required to file a tax return.

** If derived from a “high-value-added” activity plus an additional 3,5 percent surcharge levied on the annual taxable income that exceeds the amount of the annual national minimum salary (EUR7.0706).


Family Quotient

The calculation of the family quotient depends on the number of dependants and ascendants, as follows:

  • For single taxpayers and married taxpayers who opt to be taxed separately:
    • general and solidarity tax rates apply to the taxable income, split by one (quotient 1 for the taxpayer);
    • to this quotient is added 0,15 for each dependent and ascendant that is part of the family aggregate;
    • for single parent aggregates, the quotient is 0,3.
  • for married and living together taxpayers who opt to be taxed jointly:
    • general and solidarity tax rates apply to the taxable income, split by two (quotient 1 per each taxpayer);
    • to this quotient it will be added 0,3 for each dependent and ascendant that is part of the family aggregate;

The application of the quotient (regarding both dependents and ascendants) cannot result in a reduction of the taxable income higher than:

  • € 300, € 625 and € 1.000, when taxpayers opt to be taxed separately in households with one, two, three or more dependents, respectively;
  • € 600, € 1.250 and € 2.000, when the option for joint taxation is made, in households with one, two, three or more dependents, respectively;
  • € 350, € 750 and € 1.200, in single parent families, in households with one, two, three or more dependents, respectively.  


Additional Solidarity Surcharge

An additional 2.5 percent surcharge will be levied on taxable income between EUR 80,000 and EUR 250,000 and 5 percent on the taxable income exceeding EUR 250,000.


Additional surcharge

A 3.5 percent additional surcharge will be levied on the annual family aggregate’s taxable income that exceeds the amount of the annual national minimum salary (EUR 7.070).

Residence rules

For the purposes of taxation, how is an individual defined as a resident of Portugal?

The recently approved rules foresee that an individual qualifies as resident for tax purposes in Portugal provided that one of the following conditions is met:

  • He/she spends more than 183 days – continuously or not – in the country within a 12 month period beginning or ending in the relevant year, or
  • In case he/she spent less than 183 days herein, he has, at any time of the referred 12 month period, accommodation available in Portugal in conditions where it can be assumed that it is his/her intention to use it as a place of habitual residence or abode.

In case the above criteria are met, an individual will be regarded as resident since the first day of his presence in Portugal until his/her departure. There are, however, some situations foreseen where the tax residency status applies for the entire tax year.

It is also foreseen that any day – complete or part-day – that includes sleeping in Portugal shall be considered as a day of presence in the Portuguese territory.

Furthermore, during 2009 the government created a tax regime for non-habitual tax residents who would normally qualify as tax residents in Portugal under the domestic rules. The regime would resemble the one foreseen for nonresident individuals in Portugal (such as, taxation on employment Portuguese-source income at a special 20 percent rate).

The aim of this regime is to attract specialized foreign professionals. Certain conditions, as follows, would have to be met in order to apply for it:

  • The individual cannot have been deemed a tax resident in Portugal in the previous five years;
  • The individual will be required to register with the Portuguese tax authorities as a non-habitual resident and this option will be valid for 10 consecutive years.

The individual will be required to qualify – under the domestic rules – as a resident in Portugal for tax purposes in every year of the above referred 10-year period in order to benefit from the taxation applicable to non-habitual tax residents. In case the activity performed by the individual is considered to be high-value added (defined by a Ministerial Order no. 12/2010, of 7 January), a special taxation, as non-habitual resident, may be applied. 

This regime also allows that a tax exemption apply to the foreign-source income received by the individual, if certain conditions are met (namely, if the referred income is subject to tax on its country source).

The request for registration as a non-habitual resident must be made up to 31 March of the year following the one that the taxpayer became a tax resident in Portugal.

Is there, a de minimus number of days rule when it comes to residency start and end date? For example, a taxpayer can’t come back to the host country for more than 10 days after their assignment is over and they repatriate.


What if the assignee enters the country before their assignment begins?

If the assignee enters the country before the assignment begins, no tax implications arise from this situation. The assignee should register himself/herself and his/her family (if the family accompanies the individual on his/her assignment) with the Portuguese tax authorities (in accordance to the tax residency), in order to obtain a taxpayer identification number.

Termination of residence

Are there any tax compliance requirements when leaving Portugal?

Individuals who do not meet any of the above residence criteria should qualify as a non-resident for tax purposes in Portugal and must change their tax registry to non residents and, whenever their new country of residency is outside the EU or the EEA, they are required to appoint a tax representative, which can either be a Portuguese tax resident individual or a company. In case the new residency country is within EU or EEA they are only required to provide their new tax address therein.

The tax registry should be updated within 60 days as of the change of the individual’s situation.

What if the assignee comes back for a trip after residency has terminated?

No tax implications should arise.

Communication between immigration and taxation authorities

Do the immigration authorities in Portugal provide information to the local taxation authorities regarding when a person enters or leaves Portugal?

According to our experience, the immigration authorities do not inform the local tax authorities when a person enters or leaves Portugal.

Filing requirements

Will an assignee have a filing requirement in the host country after they leave the country and repatriate?

No, provided that no Portuguese-sourced income was received in the relevant year or if the Portuguese-sourced income received was taxed at the applicable withholding flat rates.

Economic employer approach

Do the taxation authorities in Portugal adopt the economic employer approach3 to interpreting Article 15 of the OECD treaty? If no, are the taxation authorities in Portugal considering the adoption of this interpretation of economic employer in the future?


De minimus number of days

Are there a de minimus number of days4 before the local taxation authorities will apply the economic employer approach? If yes, what is the de minimus number of days?


Types of taxable compensation

What categories are subject to income tax in general situations?

According to the Portuguese tax rules, there are six types of categories of personal income subject to PIT.

  • Category A: Employment income (that is wages, salaries, remunerations, commissions, percentages, and other fringe benefits).
  • Category B: Self-employment income, for example, the ones derived from carrying out any commercial, industrial, or agricultural activity.
  • Category E: Investment income (that is, all profits and other economic advantages arising directly or indirectly from patrimonial elements, assets, or rights of a movable nature).
  • Category F: Rental income (that is, amounts paid or placed at the disposal of the respective beneficiary derived from the rental of urban and non-urban immovable property).
  • Category G: Capital gains, for example, that are not taxed as gains of other classes of income (B, E, or F), including those arising from the onerous sale of immovable property or shares and signs of wealth.
  • Category H: Pensions, for example, amounts due as old age, retirement, invalidity, widowers or alimony pensions.

Tax-exempt income

Are there any areas of income that are exempt from taxation in Portugal? If so, please provide a general definition of these areas. Please note that the amounts below refer to the 2015 limits.

  • Meal allowance.
  • Daily allowance for business travel.
  • Travel expenses.

Meal allowance

Meal allowance up to EUR4.27 per day if paid in cash, or EUR6.83 if paid by lunch tickets.

Daily allowance for business travel

Daily allowance for business travel in Portugal up to EUR 50.20 [EUR 69.19 for Members of the Board] or up to EUR 89.35 [EUR 100.24 for Members of the Board] for business travel abroad.

Travel expenses

Documented travel expenses or allowance for business travel when reimbursed by the company (range between EUR0.11/kilometer up to EUR0.36/kilometer, depending on the mean of transportation (public or particular) and on the number of employees, if it is a rented vehicle).

Expatriate concessions

Are there any concessions made for expatriates in Portugal?

The Portuguese Personal Income Tax Reform introduced an exemption applicable to Portuguese tax resident individuals temporarily assigned to a foreign country (outbound assignees) on the employment income received, up to a limit of € 10.000, per year provided that:

  • the employee is assigned for, at least, 90 days (60 of those have to be continuous). 
  • the exempted remuneration is exclusively related to the assignment (meaning that it must be paid on top of the remuneration received in the previous year, excluding any amount paid due to the assignment).

Non resident individuals may also opt to benefit from this exemption under certain conditions (namely in case of option to be taxed as resident). 

However, this does not cumulate with the non habitual resident regime nor with any other tax benefit.

Additionally, the government implemented an optional tax regime for nonresident taxpayers, who will be able to choose to be taxed under the same rules applicable to Portuguese-resident taxpayers, whenever 90 percent of their total income received is employment income, self-employment income, and pension income obtained in the Portuguese territory. 

There is also an optional regime will only apply, however, to resident taxpayers in another country within the European Union (EU) or within the European Economic Area (EEA) – in this last case, provided that tax information is shared between countries.

The Personal Income Tax Code also provides tax credits for foreign taxes.

Salary earned from working abroad

Is salary earned from working abroad taxed in Portugal? If so, how?

As Portuguese residents are subject to PIT on their worldwide income, income earned from a foreign employment is also subject to tax. Relief for foreign taxes is available. Non-residents will only be subject to PIT on their Portuguese employment income (that corresponds to income paid by a Portuguese entity or derived from the work performed in Portugal).

Taxation of investment income and capital gains

Are investment income and capital gains taxed in Portugal? If so, how?

Txation of investment income

Portuguese residents are subject to PIT on all their investment income.

Investment income includes all profits and other economic advantages, regardless of its nature, paid in-cash or in-kind, arising directly or indirectly from patrimonial elements, assets or rights of a movable nature, as well as arising from their modification, transmission or termination.

With certain types of Portuguese or foreign-sourced investment income, residents may choose between either being taxed at the withholding reduced tax rate or adding the income to the overall income and be taxed according to the general rules (progressive tax rates). Among investment income that may be excluded from overall income and taxed at reduced withholding special rates, are the following:

  • interest from bank deposits in Portugal, taxed at a flat rate of 28 percent
  • interest on Portuguese bonds, taxed at a flat rate of 28 percent
  • dividends paid by Portuguese companies, taxed at a flat rate of 28 percent
  • dividends and interest paid by foreign entities, taxed at a special rate of 28 percent.

Non-residents are subject to PIT on their Portuguese-sourced investment income through withholding at the same withholding flat rates.

Investment income paid by non-resident entities without a permanent establishment in Portugal, domiciled in jurisdictions with more favorable tax regimes, is liable to an autonomous tax rate of 35 percent.

Taxation of capital gains

Capital gains arising from the sale of shares or other moveable items are determined after taking into account the difference between capital gains and losses at the year-end. Capital gains and losses result from the difference between an asset’s sale value and the corresponding acquisition cost.

Capital gains relating to immovable property acquired after 1 January 1989 are assessed to tax at progressive rates on 50 percent of their value (for non-resident tax is assessed on 100 percent of the capital gain at a 28% autonomous rate). As to land for construction, it is subject to tax irrespective of the date of acquisition.

Capital gains arising from sale of shares are fully taxed at a 28 percent special rate. There is a possibility to adjust the shares’ acquisition value, by applying monetary coefficients set by the government, when the sale of the shares occurs at least 24 months after its acquisition date (in order to calculate the correspondent capital gain/loss).

Capital gains on the sale of unquoted equity of micro and small companies are only taxable in 50 percent.

Non-resident individuals are usually tax exempt but some anti avoidance rules may apply.

Portuguese residents are subject to PIT on the capital gains relating to Portuguese and/or foreign assets. Non-residents are only subject to PIT on their Portuguese-sourced capital gains relating to immovable property.

Dividends, interest, and rental income

Rental income

Rental income obtained both by resident and non-resident individuals is subject to tax at a 28 percent special rate. However, tax resident individuals are given the option to disclose such income with the overall income and to be taxed at the progressive tax rates up to 48 percent.

As of 2015 it is also possible to choose being taxed on the rents received under the rules applicable to business income. 

Dividends and interest

Dividends and interest obtained both by resident and non-resident individuals are subject to a flat rate of 28 percent. However, tax resident individuals are given the option to disclose the dividends and interest with the overall income and to be taxed at the progressive tax rates up to 48 percent.

Dividends paid to Portuguese tax residents by Portuguese companies and EU companies that fall under the definition of article second of the 90/435/EC, 23 July, are only taxed on 50 percent of its amount.

Gains from stock option exercises

Residency status Taxable at:
  Grant Vest Exercise
Resident N Y Y/N
Non-resident N Y/N Y/N

Foreign exchange gains and losses

Not applicable.

Principal residence gains and losses

Not applicable.

Capital and rental income losses

According to the Portuguese applicable tax rules, losses arising from rental income and capital gains can be offset against profits of the same category. The period for the use of losses may vary between 5 and 6 years, respectively for capital gains and rental income.

Personal use items

Not applicable.


Not applicable.

Additional capital gains tax (CGT) issues and exceptions

Are there additional capital gains tax (CGT) issues in Portugal? If so, please discuss?

Not applicable.

Are there capital gains tax exceptions in Portugal? If so, please discuss?

Not applicable.

Pre-CGT assets

Not applicable.

Deemed disposal and acquisition

Not applicable.

General deductions from income

What are the general deductions from income allowed in Portugal?

Portuguese residents with employment income may deduct an amount corresponding to the greater of the following amounts:

  • 72 percent of 12 times the “Indexante dos Apoios Sociais” (IAS)5, which for 2015 amounts to EUR 4,104 (72 percent x 12 x EUR 475); or
  • 75 percent of 12 times the IAS, in case the difference from the limit disclosed above (EUR 4,104) results from professional association fees borne by the employee (within certain conditions) 
  • The employee social security contributions to mandatory schemes if higher than EUR 4.104.

In addition each taxpayer can also deduct:

  • indemnities paid by the employee to the employer (within certain conditions);
  • 150 percent of the amount paid as union fees up to a limit of 1 percent of the gross employment income.  

Non-residents are not entitled to any deductions against employment compensation.

Portuguese residents may credit the following expenses incurred against their tax liability:

  • 35 percent of general family expenses, up to a limit of € 250 per taxpayer (or 45 percent up to a limit of € 335 in the case of single-parent families), regarding the acquisition of goods and services except when the expenses refer to health, education or real estate.  
  • 15 percent of the expenses, up to a limit of EUR 1.000,  incurred with the purchase of goods or services related to health expenses (including health insurance premiums) of the taxpayer or his/her family unity, as long as they are exempt from or subject to the reduced rate of value-added tax of 6 percent and are communicated to the Portuguese tax authorities.
  • 30 percent of educational expenses relating to the taxpayer and his/her dependents up to a global limit of € 800.
  • 15% of the VAT borne by each member of the family aggregate, limited to € 250 per family aggregate, regarding expenses duly supported by invoices issued by car repair shops, restaurants, hairdressers and beauty institutes. 
  • 20 percent of alimony pensions supported by the taxpayer arising from court decisions or agreements made in accordance with civil law may be deducted from the taxable income of all categories (except in cases where the beneficiary is a member of his/her family unit and benefits from the standard deductions).,  
  • 15% of the costs incurred with rents, limited to € 502 (this limit may be increased, depending on the taxpayers’ taxable income);
  • 15% of the costs incurred with interest paid with regards to housing loans (for contracts sign until 31 December 2011), limited to € 296 (this limit may be increased, depending on the taxpayers’ taxable income). 
  • Donations to accredited institutions can also be deducted. 25 percent of donations made to accredited institutions can also be deducted. Donations to churches, religious institutions, qualifying religious charities and organizations specified by law and engaged in the pursuit of scientific, cultural or charitable goals are creditable in the amount equal to 25 percent of 130 percent of the donation made (however, in certain cases the deduction may not exceed 15 percent of the donor’s PIT liability). The deduction is granted provided that the donor did not treat the donations as business expenses.
  • 25 percent of the expenses incurred with homes and institutions to support the taxpayer’s elderly, as well as the costs related to homes and independent accommodation for people with disabilities, their dependents, ancestors and relatives to the third degree, who do not have incomes above the minimum monthly wage, up to EUR403,75. 
  • 20 percent of premiums paid related to contributions to pension funds and pension retirement plan (PPR) up to a limit of EUR400 for taxpayers under 35 years old, EUR350 for taxpayers between 35 and 50 and EUR300 for taxpayers over 50.

Limits to deductions

Besides the limits foreseen for each one of the deductions above, a global limit is introduced for deductions with expenses incurred in with health and health insurance premiums, education and training, rents or interest from housing loans, elderly homes, alimony pensions, VAT incurred and supported by invoices, as well as the deductions that are foreseen on the Tax Benefits Statute, as follows:

Income brackets (EUR) Limit (EUR)
Up to 7,000 No limit
From 7,000.01 up to 80,000.00

Results from the application of the

following formula:

€ 1.000+[(€ 2.500-€ 1.000)* ⌊(€ 80.000 - Taxable income)/(€ 80.000-€ 7.000)⌋]

Over 80,000.01 EUR 1.000


For families with 3 or more dependents

The limits referred to above will be increased by 5 percent for each dependent (or godchild) who does not qualify as a taxpayer.

In cases of divorce or legal separation of people and goods in which the parental authority is shared, the deductions for dependent will be considered in 50 percent of the respective value for each parent.

Resident and non-resident taxpayers are also entitled to deduct property municipal tax relating to a relevant property for personal income tax purposes. However, this tax amount is only deductible from gross rental income when declaring this type of income.

Tax reimbursement methods

What are the tax reimbursement methods generally used by employers in Portugal?

No information available.

Calculation of estimates/ prepayments/withholding

How are estimates/prepayments/withholding of tax handled in Portugal? For example, Pay-As-You-Earn (PAYE), Pay-As-You-Go (PAYG), and so on.


Pay-as-you-go (PAYG) withholding

Not applicable.

PAYG installments

Not applicable.

When are estimates/prepayments/withholding of tax due in Portugal? For example: monthly, annually, both, and so on.

Withholding tax is due on a monthly basis.

Relief for foreign taxes

Is there any Relief for Foreign Taxes in Portugal? For example, a foreign tax credit (FTC) system, double taxation treaties, and so on?

In the case of Portuguese tax residents, the double tax treaties provide the credit system in order to avoid double taxation. Usually, the taxpayers earning income abroad are entitled to a tax credit on international double taxation, which is the lower of the following: income tax paid abroad or the taxes correspondent to the proportional part of income that is taxed abroad.

Portugal has a network of tax treaties covering taxes on income and taxes on capital (when applicable in the other countries) with most countries in Europe. When such a treaty exists, the tax credit may not exceed the tax paid abroad according to the terms of the treaty.

A tax exemption (with progression6) is applicable for non-habitual tax residents over their foreign-source income provided that such income is liable to tax on the country where it is obtained.

General tax credits

What are the general tax credits that may be claimed in Portugal? Please list below.

Under the foreign tax credit method, foreign tax paid may be claimed as a tax credit in Portugal up to the limit of the Portuguese tax that would be due over that foreign income.

Sample tax calculation

Sample tax calculation7 assumes a married taxpayer resident in Portugal with two children whose three-year assignment begins 1 January 2013 and ends 31 December 2015. The taxpayer’s base salary is USD100,000 and the calculation covers three years.




Salary 100,000 100,000 100,000
Bonus 20,000 20,000 20,000
Cost-of-living allowance 10,000 10,000 10,000
Housing allowance 12,000 12,000 12,000
Company car 4,500 4,500 4,500
Moving expense reimbursement 0 20,000 20,000
Home leave 5,000 0 0
Education allowance 3,000 3,000 3,000
Interest income from non-local sources 6,000 6,000 6,000

Exchange rate used for calculation: USD1.00 = EUR0.89215

Other assumptions

  • All earned income is attributable to local sources.
  • Bonuses are paid at the end of each tax year, and accrue evenly throughout the year.
  • Interest income is not remitted to Portugal.
  • The company car is used for business and private purposes and originally cost USD 50,000.
  • The employee is deemed resident throughout the assignment.
  • Tax treaties and totalization agreements are ignored for the purpose of this calculation.
  • This is a taxable benefit provided that there is a written agreement between the company and the individual for purposes of the use of the company car. For purposes of this calculation, KPMG in Portugal assumes that this written agreement exists. Otherwise this amount will be disregarded.
  • No deductible expenses considered.
  • KPMG in Portugal considered the reimbursement of the moving expenses as non-taxable benefit provided that the related costs are properly supported.
  • For 2015, it was considered a scenario with the filing of a joint tax return.

Calculation of taxable income 2015

Year ended 2013



Days in Portugal during year 366 365 365
Earned income subject to income tax      
Salary 82.272 82.272 82.272
Bonus 16.454 16.454 6.454
Cost-of-living allowance 8.227 8.227 8.227
Housing allowance 9.873 9.873 9.873
Company car 3.702 3.072 2.610
Home leave 4.114    
Education allowance 2.468 2.468 2.468
Total earned income 127.110 122.997 121.904
Deductions (Social Security): 13.303 12.851 12.851
Total taxable income 113.807 110.146 109.054
Other taxable income: interest* 4.936 4.936 4.936

* 28% special rate.

Calculation of tax liability




Taxable income as above 113.807 110.146 109.054
Portuguese tax thereon 45% 45% 45%
Tax assessed 39.453 37.806 36.064
Autonomous taxation on the interest 1.382 1.382 1.382
Domestic tax rebates (taxpayer, spouse and dependents) 855 855 650
Total tax due 38.598 36.951 35.414
Additional surcharge of 3,5%

Foreign tax credits
3.484 3.356 3.297
Total Portuguese tax 43.464 41.688 40.093

Foot Notes

1Taxpayers required to file a tax return.


3Certain tax authorities adopt an "economic employer" approach to interpreting Article 15 of the OECD model treaty which deals with the Dependent Services Article. In summary, this means that if an employee is assigned to work for an entity in the host country for a period of less than 183 days in the fiscal year (or, a calendar year of a 12-month period), the employee remains employed by the home country employer but the employee's salary and costs are recharged to the host entity, then the host country tax authority will treat the host entity as being the "economic employer" and therefore the employer for the purposes of interpreting Article 15. In this case, Article 15 relief would be denied and the employee would be subject to tax in the host country.

4For example, an employee can be physically present in the country for up to 60 days before the tax authorities will apply the ‘economic employer’ approach.

5The reference remuneration for 2015 is the IAS (Indexante dos Apoios Sociais). However, the NMS in force in 2010 (EUR475) continues to be used as the reference value, until the IAS (currently corresponding to EUR419.22) reaches that figure.

6Tax exemption with progression means that although the income will not be taxed, it will be added to any other income received for purposes of determining the applicable marginal tax rates.

7Sample calculation generated by KPMG & Associados – SROC, SA based on the Portuguese Personal Income Tax Code, enacted in 1989, updated as of January 2015, according to the Portuguese Personal Income Tax Reform. The amounts calculated for 2013 and 2014 are also based on the law in force in the respective year.

© 2016 KPMG & Associados - SROC, SA, a Portugal corporation and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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