Has the tax rate gone up?

[laserblazer]

I thought it was 25% but the latest figures we are getting show 28%!

[Geriatric]

What tax rate are you referring to?

Tax deducted on bank interest was increased from 26.5 to 28 per cent for 2013.

[laserblazer]

Tax we are paying on rental income.

[widge]

Tax we are paying on rental income.

There are 91 posts on this topic "Tax on Property Rental" I'm not sure there's a yes or no answer though.

[Geriatric]

Tax on rental income , capital gains tax and tax on bank interest all went up for individuals for 2013 to 28%

[HampshireRich]

As a matter of interest, is the income tax (or equivalent) at 28% as well?

[laserblazer]

There are 91 posts on this topic "Tax on Property Rental" I'm not sure there's a yes or no answer though

Seems there is.

Tax on rental income , capital gains tax and tax on bank interest all went up for individuals for 2013 to 28%

[widge]

Nothing in life or tax is that simple


Rental income is subject to withholding tax at the rate of 25%, provided the payer is an entity subject to keep statutory accounting.

Maintenance, repair expenses, municipal property tax and stamp tax may be deducted from gross rental income, if actually incurred and provided it is properly documented.

Rental income is subject to a 28% flat tax rate, but the taxpayer may opt to add the rents obtained to the respective taxable income in the tax return. If the taxpayer make such election, the income shall be taxed at the progressive tax rates, with a credit given for the tax withheld. Rental income obtained by non-residents is taxed at a flat rate of 28%.

[laserblazer]

28% it is then

[sam]

28% it is then

Don't know why you're smiling.
We don't rent - this tax hike is just another reason not to.

[laserblazer]

28% it is then

Don't know why you're smiling.
We don't rent - this tax hike is just another reason not to.

It was supposed to be a grimace. You're right, coupled with that, Quinta do Paraiso manglement seem to be getting even greedier!

[joeysoap]

28% it is then

Don't know why you're smiling.
We don't rent - this tax hike is just another reason not to.

part of the reason we don't either.

[e-richard]

I remember when the tax rate was 15%, when you could claim for costs incurred (e.g. electricity).

I also remember the days before the crash of 2008 when things were good and then I remember that we're in a severe crisis that is much worse in PT than in the UK.

But I also stand in wonderment at the stupidity of some of the PT efforts to get out of this crisis, and suddenly Cameron and co seems to be quite good team

[HampshireRich]

I remember when the tax rate was 15%, when you could claim for costs incurred (e.g. electricity).

I also remember the days before the crash of 2008 when things were good and then I remember that we're in a severe crisis that is much worse in PT than in the UK.

But I also stand in wonderment at the stupidity of some of the PT efforts to get out of this crisis, and suddenly Cameron and co seems to be quite good team

This seems similar to the VAT discussion a while ago and thoughts that it should be reduced for restaurants etc in the Alagarve. However, like the UK where decisions are made in London and the South East of England seems prosper the most, decisions are made in Lisbon and the capital and Porto etc will benefit. By all accounts, the Algarve seems to be looked down upon by those in Lisbon - maybe it requires someone from the Algarve to argue the case for the region more passionately in the Portuguese Parliament. Perhaps they already do and are just ignored?

[widge]

I remember when the tax rate was 15%, when you could claim for costs incurred (e.g. electricity).

I also remember the days before the crash of 2008 when things were good and then I remember that we're in a severe crisis that is much worse in PT than in the UK.

But I also stand in wonderment at the stupidity of some of the PT efforts to get out of this crisis, and suddenly Cameron and co seems to be quite good team

This seems similar to the VAT discussion a while ago and thoughts that it should be reduced for restaurants etc in the Alagarve. However, like the UK where decisions are made in London and the South East of England seems prosper the most, decisions are made in Lisbon and the capital and Porto etc will benefit. By all accounts, the Algarve seems to be looked down upon by those in Lisbon - maybe it requires someone from the Algarve to argue the case for the region more passionately in the Portuguese Parliament. Perhaps they already do and are just ignored?

Decisions are made in Brussels by Eurocrats & the Troika who just granted Portugal a further 7 year extension to their debt repayment. This of course was subject to certain conditions - a further €600 million of austerity measures - predominantly affecting health, education and social budgets.

The euro project has proven disastrous for southern european countries & the sooner one of them defaults the sooner this disaster will be over. Portugal's debt is 123% of GDP & the economy is shrinking & the debt increasing. There is no way they can trade themselves out of this mess.