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Portugal

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About

Portugal

Capital
Official languages
Population 
Currency

ISO 4217

Lisbon

Portuguese

10,282,178 (as of 2019)

Euro

EUR

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Economy

Portugal has seen a steady improvement in its economy over the past few years. According to the World Bank, the country's GDP grew by 2.2% in 2019, and is expected to grow by 1.7% in 2020. The unemployment rate has also decreased from 11.2% in 2017 to 8.2% in 2019. Inflation has remained relatively low, with an average of 1.3% in 2019. Portugal's public debt has also decreased from 129.2% of GDP in 2017 to 118.2% in 2019. The country has also seen an increase in foreign direct investment, with a total of €7.3 billion in 2019. Overall, Portugal's economy has seen positive growth and is expected to continue to improve in the coming years.

Taxation

In Portugal, both individuals and companies are subject to taxation. Personal income tax is levied on residents' worldwide income and non-residents' income derived in Portugal. Corporate income tax, on the other hand, is levied on resident and non-resident companies' income derived in Portugal.


For personal income tax, the tax rate ranges from 14.5% to 48% depending on the income level. There are also additional taxes on specific types of income such as capital gains, interest, and dividends. Residents are required to file an annual tax return, which is due by April 30th of the following year.


For corporate income tax, the tax rate is a flat 21%, and companies are required to file an annual tax return, which is due by May 31st of the following year. Companies are also required to make advance tax payments on a quarterly basis throughout the year based on their estimated annual income.


In addition to personal and corporate income tax, there are other taxes in Portugal, including value-added tax (VAT), which is currently 23%, and a stamp duty on various transactions such as contracts and real estate transactions.


Taxpayers can pay their taxes through various methods, including online banking, ATM, or at tax offices. There are also options for installment payments for certain taxes. It's important to note that failure to pay taxes on time can result in penalties and interest charges.

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