09/12/2017

PORTAXLAND


Please note these details may be subject to change

THE NEWEST NATION IN EUROPE… PORTAXLAND

This European Nation has so many taxes that the name should be PORTAXLAND!!
In PORTAXLAND the tax payer pays tax on tax!!
Everting is taxed except for now the air we breathe!!

I will mention some of the Taxes that the populations are subject to, there is a huge amount of other Taxes that for now I will not mention, like the ones forced on consumers by the Banks.

The average citizen that is fortunate to have a job has to work an average of 8 months just to pay all the imposed Taxes!!

1-     Three different VAT rates apply; there is a general rate of 23%, followed by a reduced rate of 13% for ordinary wine, spring, mineral, medicinal and carbonated water, and tickets for cultural events. This is followed by a further reduced rate of 6% on cereals, meat, shellfish, fruit, vegetables, and other essential foods, books, newspapers, medicines, passenger transport and hotel accommodation.
2-      All employment income is subject to social security contributions. The employee's contribution is 11% of the salary, while the employer's contribution is 23.75% of the salary.
Portuguese income taxes apply to the following categories:
  • revenue from employment
  • business and professional income
  • investment income (including interest)
  • rental income
  • capital gains
  • pension income
3-     Taxes in PORTAXLAND are levied by both the federal and regional governments. The most important revenue sources include the income tax, Social security contributions, corporate tax and the value added tax, which are all applied on the federal level.
4-     IMI (Imposto Municipal sobre Imóveis – Municipal Property Tax) is a tax on the taxable value of immovable property in PORTAXLAND. This tax came into force in 2003, replacing the Council Tax, and reverts to the respective municipalities.

5-     PORTAXLAND tax for married couples

         Total taxable income is taxed at progressive rates varying from 14.5 percent on income
        under EUR 7,000 to 48 percent for income over EUR 80,000

6-     PORTAXLAND tax on investment income, Investment income (such as capital gains, interest and dividends etc.) is currently taxed at a rate of 28 percent. Likewise, rental income is also currently taxed at 28 percent

7-     PORTAXLAND tax on self-employment income 

8-     PORTAXLAND tax rate for ‘simplified regimes’, whereby 20 percent of income from sales of products or 80 percent of income arising from other business.

9-     Below are PORTAXLAND tax rates in 2017.

Income
PORTAXLAND tax rate
Deductible amount
Up to 7,035
14.5 percent
0
EUR 7,035–20,100
28.5 percent
EUR 984.90
EUR 20,100–40,200
37.0 percent
EUR 2,693.40
EUR 40,200–80,000
45.0 percent
EUR 5,909.40
EUR 80,000+
48 percent
EUR 8,309.4

10- Wealth tax in PORTAXLAND

It is an annual tax of 0.3 percent for Portuguese properties worth more than EUR 600,000; married/civil partners are granted a combined threshold of EUR 1.2mn.

11- If you have a car then you have double Taxation when purchasing the car, this is prohibited by the European Parliament but they too are useless.

12- Since 1988 there is in Portugal a tax called "Imposto Automóvel" (IA - Automobile Tax) that you indirectly have to pay when you buy a new car. The importer pays it to the government and includes it in the final price.

13- When you buy a new car you pay: car's base price + IA + 21% IVA/VAT.

14- In addition to various expenses associated with the detention of a vehicle, car owners must also pay the Circulation Single Tax (IUC)

15- Besides these Taxes there is also the Tax on Electricity, heating fuel, gasoline products (taxed 3 times).

16- ISP Tax – the levy on oil derivative products – of €0.06 per liter of both unleaded regular and diesel.

17- Gasoline prices are one of the most expensive in the world, the taxation is a massive 70% of the cost per liter.

18- The PORTAXLAND government will impose a new tax on some foods with a high salt content, such as potato chips and cookies, according to the draft Budgets State of 2018.

The measure will apply to cookies, pasta, chips and cereals containing at least 1 gram of salt per 100 grams of product and will mean an increase in the price of 0.8 cents per kilo.
19- The PORTAXLAND government has already introduced a sugar-sweetened tax in early 2017, which varies between 8 and 16 cents per liter, depending on the sugar level of the product, and the juice was exempt.
20- The draft Budget for 2018 also includes a new price increase for sugary drinks of up to 1,5%, depending on their sugar level.
21- Taxes on alcoholic beverages will also increase by 1.5% in the case of beer and 1.4% for spirits, liqueurs and sparkling wines.
22- Another example of the abuse is the amount of Taxes the consumer pays with the electricity bill…for every 100Kwh the consumer pays in Taxes 22.90 Euros!!
a)      Imposto Especial de Consumo de Eletricidade (IEC) Special consumer Tax of Electricity
b)      b)Taxa de Exploração Direção-Geral de Energia e Geologia (DGEG) Exploration Tax rate  of energy and geology.
c)    Contribuição para o Audiovisual (CAV) Contribution to the Audiovisual sector 2,85 € + VAT (6%)
d)    Taxa Municipal do Direito de Passagem (TMDP) Municipal Tax (right of passage)

 


PORTAXLAND has one of the most expensive electricity rates in the world!!!
This will be the third budget of the PORTAXLAND Socialist Government, which has a minority in Parliament and needs the support of the Marxist Left Bloc and the Portuguese Communist Party for any approval


I have not mentioned all Taxes that are now being imposed on the citizens; I have allowed you the reader to visit the site and see one of the oldest NATIONS IN EUROPE… PORTUGAL



1 comment:

JC said...

VERY EXCELLENT WORK

PORTAXLAND

Please note these details may be subject to change THE NEWEST NATION IN EUROPE… PORTAXLAND This European Nation has so many t...