The special regularization regime of tax and social security debts enters into force today. 

Pursuant to this regime, taxpayers may benefit from full or partial remission of dilatory and compensatory interest and foreclosure procedure costs, as well as from the reduction of fines. 

These benefits apply to (i) tax debts assessed before this regime entered into force, which taxable event occurred until 31.12.2015, provided that the collection period ended until 31.05.2016, except for extraordinary contributions due by the energy, banking and pharmaceutical sectors and (ii) to social security contributions debts, provided that the collection period ended until 31.12.2015. 

Taxpayers interested in adhering to this regime must do so until 20.12.2016 (at www.portaldasfinancas.gov.pt or www.seg-social.pt/inicio, depending on the nature of the debts at stake), either by paying the debts in full or by installments, as follows:

i) Tax debts: payment in full or payment of 8% of the total value of the chosen installment plan, until 20.12.2016; 

ii) Social security debts: payment in full or payment of 8% of the total value of the outstanding capital, if they opt for an installment plan, in either case until 30.12.2016

The installment plans may be slot into up to 150 identical installments and do not depend on the provision of guarantees.