Law No. 64/2015, of 1 July
Approves the new special regime applicable to licensed entities in the Madeira Free Trade Zone from 1 January 2015 and amends the Tax Benefits Law (“EBF”).
The benefits granted by this new regime to the entities licensed to operate in the Madeira Free Trade Zone between 1 January 2015 and 31 December 2020, provided they comply with the requirements set out in the law, include the followi ng:
- Taxation of income under Corporate Income Tax (“IRC”) at the rate of 5% (with some exceptions);
- Deduction of 50% from the due Corporate Income Tax;
- Exemption from Personal Income Tax (“IRS”) or IRC, as applicable, of the income of partners or associates when derived from profits made available to them, including the redemption of shares with no capital reduction, and from interest and other forms of remuneration of shareholder loans, allowances or a dvances of capital they have made.
It is also to be noted that the benefits granted are subject to maximum limits and to the application of ceilings.
Entities licensed before 1 January 2015 are subject to the regime set forth in article 36 of the EBF, being possible to opt for the new regime.
Law No. 67/2015, of 6 July
Amends the Personal Income Tax Code (“CIRS”), extending the scope of the deduction of health expenses and clarifying deductions related to preschool expenses.
The amendments take effect from 1 January 2015 and are clarifying and interpretative.
Law No. 68/2015, of 8 July
Amends the Vehicles Tax Code, introducing an exemption from 50% of the Vehicle Tax paid on the acquisition of passenger cars seating more than five people for taxpayers with more than three dependants, or with three dependants, where at least two of these are under eight years.
The exemption only applies to vehicles with CO2 emissions of 150 g/km or less and has a ceiling of EUR 7,800.00, being its recognition dependent on request.
Ministry of Finance
Ordinance No. 201-A/2015, of 10 July
Approves the new tax form model 37 and its instructions, for declaration of interest on permanent residences, insurance premiums, contributions to health expenses, retirement savings plans, pension funds and complementary regimes, by the entities specified in Article 127.1, of the CIRS.
Ministry of Finance
Ministerial 201-B/2015, of 10 July
Approves the tax forms relating to the communication of health expenses, education and training expenses and nursing home costs, known as forms 45, 46 and 47, which must be submitted by the entities referred to in Articles 78-C. 2 and 3, 78-D. 5 and 6, and 84. 3 and 4 (respectively) of the CIRS.
Law No. 69/2015, of 16 July
Amends, amongst other, Law No. 50/2012, of 31 August, which approves the legal regime for local business activities and local investments.
The amendments include the introduction of Article 67 -A, entitled “Application of the Corporate Income Tax Code”, under which it is determined that:
- For the purpose of IRC, the profit from liquidation following their winding -up is not included in the taxable profit of local companies, nor any profit resulting from the transfer of assets of these companies as a consequence of their integration or internationalisation;
- The special regime provided for in Articles 74 et seq of the IRC Code (“CIRC”) applies to the merger transactions provided for in Law no. 50/2012;
- The provisions of Article 72. 1, of the CIRC are applicable to the transformation provided for in Law no. 50/2012.
Ministries of Finance and Economy
Ordinance no. 211/2015, of 16 July
Establishes the amounts of the charges due under the Legal Regime for Online Betting and Gambling, approved by Decree-Law 66/2015, of 29 April, the payment of which is required for homologation of gambling technical support systems, the issuance or extension of licences and authorisations for the operation of new types of games of chance.