Portuguese Tax Return Season: Important Guidelines for Fiscal Year 2023
As the tax return season approaches, taxpayers will be required to file their Portuguese Tax Return for the fiscal year 2023. The filing period is set to be open from 1st April to 30th June 2024. It is crucial for individuals required to submit a tax return to adhere to this timeframe.
Failure to submit a Tax Return by the legal deadline or submitting it after the deadline can lead to penalties and the forfeiture of certain tax benefits. This includes potential deductions for expenses that can be claimed against annual taxable income. Therefore, it is vital for taxpayers to ensure they file their tax return on time, avoiding potential penalties and preserving eligibility for applicable tax benefits.
To prepare for this, taxpayers should gather all the information and details regarding their income, along with potential deductions that may be applicable. It is essential to understand which incomes are subject to a flat tax rate and would be exempt from taxation.
In this context, if you are a tax resident in Portugal, be aware that you are required to report your worldwide income. This means that all your income must be disclosed to the Portuguese Tax Authority, irrespective of the income's source country.
Conversely, if you are a non-resident in Portugal, you are still obligated to report the income received in and from Portugal.
If you have any questions or require assistance with this or related matters, feel free to
reach out. We would be delighted to assist you.