Portugal – New Stamp Duty filing process to be introduced in April 2020

The Portuguese tax authorities are implementing a new filing system to declare Stamp Duty in Portugal in 2020. Tax payers will now be required to provide detailed information on a transactional basis in order to issue the Stamp Duty return. For insurers, this means that, each month, they will be required to report:

  • The tax number of the policy holder
  • The type of insurance
  • Whether the risk is located in Portugal Mainland, the Azores or Madeira
  • Whether the insurance contract has been issued in Portugal or outside Portugal
  • Whether the contract is exempt from Stamp Duty or not
  • Whether the operation reported has been carried out by a representative
  • The taxable basis
  • The Stamp duty amount

Whilst the changes were to be introduced for the submission of the January 2020 Stamp Duty return due in February 2020, we have now been informed that the new filing process will be delayed until April 2020. This means that by 20th April 2020, insurers will be required to file 3 Stamp duty returns for the taxable periods January, February and March 2020.

More information on the implementation of this new filing process should be provided by the local authorities in the coming weeks.

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Author

Christophe Bourdaire

Senior Regulatory Specialist, Regulatory Analysis. Christophe joined Sovos FiscalReps in 2011 and has been managing the IPT compliance process for a portfolio of captives and French speaking clients. Based in France, he focuses on the development of the global IPT content and technology offering. Christophe completed a degree (certificate) in Journalism at Ecole Nouvelles in Nice, France. He is a native French speaker, and also speaks fluent Spanish.
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