Key Benefits:
CHAIR OF THE COUNCIL OF MINISTERS
Proposed Law No. 16 /XI
Exhibition of Motives
The Programme of the XVIII Constitutional Government establishes that in order to improve the equity
in obtaining resources and obtaining a fairer allocation of the tax burden among the
taxpayers, should " approximate the taxation regime of the most-valued mobiliary
practiced in the generality of OECD countries ".
The Stability and Growth Programme for 2010-2013 also provides for the taxation of
more furnished valuations as a fair and equal apportionment measure of the effort of
recovery of the economy and consolidation of public accounts.
The State Budget Act for the year 2010 had already opened the way in this direction
by unifying the liberatory rates of the Singular Persons ' Income Tax
(IRS), incidents essentially on capital income, in the single value of 20%.
The present Proposal for Law enshrines the general rule of taxation of the most-valued furnishioners
and the concomitant revocation of the tax-exclusion regime currently beholdant in
IRS headquarters
First, a scheme for taxation of the most-valued mobiliaries at the rate is introduced.
of 20%, with an exemption scheme for annual gains up to € 500 resulting from the balance between
the most and the least valuable ones, usually obtained by small investors.
Second, for the purpose of ensuring efficient intersecting of data and
combat tax evasion and fraud establish specific communication obligations
that impend about certain entities.
Finally, the hitherto constant tax exclusion standard of paragraph 2 is repealed.
article 10 of the IRS Code addressing the most-valuable arising from the onerous disposal
of shares held for more than 12 months, as well as bonds and other debt securities.
CHAIR OF THE COUNCIL OF MINISTERS
Thus:
Under the terms of the paragraph d) of Article 197 (1) of the Constitution, the Government presents to the
Assembly of the Republic the following proposal for a law:
Article 1.
Amendment to the Income Tax Code of Singular People
Articles 72, 119 and 123 of the Income Tax Code of Persons
Singular, abbreviated by the IRS Code, approved by the Decree-Law
n 422-A/88 of November 30, shall be replaced by the following:
" Article 72.
...XX_ENCODE_CASE_One ...
1-percent ... ago.
2-percent ... ago.
3-percent ... ago.
4-The positive balance between the most-valuable and under-valued, resulting from the
operations provided for in points b ), and ), f) and g) of Article 10 (1), is
taxed at the rate of 20%.
5-percent ... ago.
6-percent ... ago.
7-percent ... ago.
8-percent ... ago.
9-percent ... ago.
10-percent ... ago.
CHAIR OF THE COUNCIL OF MINISTERS
Article 119.
...XX_ENCODE_CASE_One ...
1-[...].
2-percent ... ago.
3-percent ... ago.
4-percent ... ago.
5-percent ... ago.
6-percent ... ago.
7-percent ... ago.
8-percent ... ago.
9-percent ... ago.
10-percent ... ago.
11-percent ... ago.
12-The following entities, where they carry out the operations provided for in the
points b), e), f) and g) of Article 10 (1), are obliged to deliver to the
Directorate-General for Taxes, until the end of the month of January of each year,
an official model statement from which they construct, in particular, the
date of the disposal, the value of achievement and the beneficiary of the yield:
a) Credit institutions and financial companies, relatively
operations carried out with your intervention;
b) The entities deveer of that value, concerning the operations
carried out with the intervention of notaries and other officials or of
entities performing notarial functions, as well as of
entities and professionals with competence to authenticate
CHAIR OF THE COUNCIL OF MINISTERS
particular documents, when it does not show applicable to (
previous;
c) The entities debunked from that value that they have or should
have organized accounting, when you do not show up
applicable the previous points.
Article 123.
...XX_ENCODE_CASE_One ...
The notaries, conservatives, judicial secretaries, technical secretaries of
justice and entities and professionals with competence to authenticate
particular documents that title deeds or contracts subject to registration
predial or to intervene in the operations provided for in the ( b ), and ), f ) and g ) from the
n Article 10 (1) are obliged to send to the Directorate General of Taxes,
preferentially by electronic means, up to the day 10 of each month, relation of the
acts per se practiced and decisions carried forward on trial in the previous month
of the processes to his post that are likely to produce income
subject to IRS, through official model. "
Article 2.
Revocation of provisions under the IRS Code
The paragraphs 2, 11 and 12 of Article 10 of the IRS Code, approved by the IRS, are repealed.
Decree-Law No 422-A/88 of November 30.
Article 3.
Amendment to the Status of Tax Benefits
Article 22 of the Statute of Tax Benefits, abbreviated by EBF,
approved by Decree-Law No. 215/89 of July 1, it is replaced by the following:
" Article 22.
Investment funds
CHAIR OF THE COUNCIL OF MINISTERS
1-percent ... ago.
2-percent ... ago.
3-percent ... ago.
4-percent ... ago.
5-percent ... ago.
6-percent ... ago.
7-percent ... ago.
8-percent ... ago.
9-percent ... ago.
10-percent ... ago.
11-percent ... ago.
12-percent ... ago.
13-percent ... ago.
14-percent ... ago.
15-percent ... ago.
16-The positive balance between the most-valuable and less-valuable ones resulting from the
divestment of shares held by investment funds during more than
12 months, bonds and other debt securities, is excluded from
taxation, except when obtained by mixed investment funds or
private underwriting closed to which the rules provided for
in the IRS Code. "
Article 4.
Addition to the Status of Tax Benefits
CHAIR OF THE COUNCIL OF MINISTERS
It is added to the Status of Fiscal Benefits, approved by the Decree-Law No. 215/89, of 1
of July, Article 74, with the following wording:
" Article 74.
Small Investors
It is exempt from IRS, up to the annual value of € 500, the positive balance between the most-
worthless and less-valuable income resulting from the disposal of shares, bonds and
other debt securities, obtained by residents in Portuguese territory.
Article 5.
Entry into force
This Law shall come into force on the day following that of its publication.
Seen and approved in Council of Ministers of April 22, 2010
The Prime Minister
The Minister of the Presidency
The Minister of Parliamentary Affairs