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Withholding Tax Rates for Capital Income

Do you know why there are two withholding tax rates for Category E earnings?

Rate of 28% or 35%?

The standard rate for capital gains in Portugal is 28%. This is on gains such as interest, royalties, equipment rental, dividends or other capital income such as shares, but there is an exception. If the gains come from low tax zones (better known as tax-havens), the rate becomes 35%.

List of territories considered “Tax-Havens”

The complete list of the countries considered tax havens can be found in ordinance no. 150/2004, however, note that Andorra has already been removed from the list, according to ordinance no. 309-A/2020. In total, Portugal considers that there are 82 territories considered to be tax-havens.

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