This year, when you submit your IRS declaration for 2015, it will be much different than in previous years. With the new IRS laws, the way the Portuguese tax authorities deal with the alterations, and even the submission dates, are different.
So many changes in one year may cause confusion. In order to help you keep organised, we tried to list some key dates in order for you to avoid losing any tax deductions or pay fines.
February 15
Each taxpayer has until February 15 to verify, query and report invoices. This procedure needs to be done for all members of household, including dependants.
March 15 to April 15
Between March 15 and April 15, all those who had employment income or are receiving a pension should deliver the tax return, regardless of the form they use to do it.
April 16 to May 15
Those who receive income from self-employment (sole traders) have to deliver the tax return between April 16 and May 15. This also applies to those who received rental income, or those who are resident and received income from a foreign source.
August 31
If you have to pay tax, you should make the payment no later than the last day of August, providing you have delivered the tax return within the time limits.
Please remember that if you do not deliver your IRS declaration on time, you may lose all tax deductions allowed. This may also apply to your IMI council tax exemption, which may be affected.
If you have any questions, please feel free to contact us. Tax planning is critical, and you and your company cannot afford surprises. Pass by our office to discuss your personal situation and avoid any late submission fines.
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