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Since we are in the season for the distribution of dividends, it is not without use to review and update, our last charter on this issue. It shall be recalled that in 2005 the Portuguese tax system streamlined its rules for the taxation of dividends, by harmonising rates which previously varied in accordance to the nature of the recipient of the dividends. This, along with the introduction of some provisions aimed at dealing with schemes that used exempt entities to evade tax, helped to turn the taxation of dividends more coherent and simple.
We will outline here the basic features of the current system for taxation of dividends distributed by Portuguese resident companies. Further below, more details can be found on a table and some notes therein included.
A different tax treatment that may stem from the application of the Madeira Free Trade Zone regime was not considered, nor was it considered the special case of companies resident in the Switzerland.
Pursuant to the parent-subsidiary directive – directive 90/435/EEC - Portugal exempts from taxation, subject to certain conditions, dividends earned by legal entities, mainly companies, located in the EU territory. Double taxation is effectively eliminated in these situations.
Otherwise, only 50% of the earned dividends earned by resident individual or companies are exempted from taxation. As an alternative, the resident individual (but not the resident company) may opt for the application of a 20% flat rate applicable to 100% of the received dividend (the maximum rate being 42%, currently, applicable to the aggregated income exceeding € 61.260).
Non-resident individuals (and non-resident companies without a permanent establishment in Portugal, not benefiting from the application of the parent-subsidiary directive) are subject to taxation on dividends received from Portuguese resident companies, at a rate of 20%.
Accordingly, in the negotiation of tax treaties as well as in EU negotiations, Portugal tries, as a rule, to preserve the source country power to tax dividends. In the negotiation of tax treaties, Portugal follows the OECD Model Convention as regards dividends, for it is deemed protective enough of the source country interests.
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Resident or non-resident with a permanent establishment in Portugal to which the dividends can be attributed
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Resident in a European Union country (without a permanent establishment in Portugal to which the dividends can be attributed)
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Resident in a country with which Portugal has entered into a double taxation treaty (DTT) (without a permanent establishment in Portugal to which the dividends can be attributed
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Resident in other countries (without a permanent establishment in Portugal to which the dividends can be attributed)
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Individuals who did not obtain the dividends as part of a business or professional activity
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If the income is aggregated by option of the holder – 20% withholding tax deemed to represent payment on account of the final tax due (the final amount will depend on the rate determined for the total of the aggregated income relating to the year in question) levied on only 50% of the dividendsii;If the income is not aggregated – 20% withholding tax (the definitive amount) levied on the entire amount of the dividends.
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20% withholding tax (the definitive amount) levied on the entire amount of the dividends (there is no option to aggregate the income in this case).
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The relevant DTT (depending on which country the beneficiary of the dividend resides in) must be consulted to ascertain the applicable rate of withholding tax which will not currently exceed 15%; Proof must be presented to the entity which will carry out the distribution of the dividends of the residence in the country in question, using the form provided by the Tax Authoritiesiii
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20% withholding tax (the definitive amount) levied on the entire amount of the dividends (there is no option to aggregate the income in this case).
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Other individuals (who obtained the dividend as part of a business or professional activity)
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20% withholding tax (the definitive amount) levied on the entire amount of the dividends (there is no option to aggregate the income in this caseiv).
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20% withholding tax (the definitive amount) levied on the entire amount of the dividends (there is no option to aggregate the income in this case).
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The relevant DTT (depending on which country the beneficiary of the dividend resides in) must be consulted to ascertain the applicable rate of withholding tax which will not currently exceed 15%; Proof must be presented to the entity which will carry out the distribution of the dividends of the residence in the country in question, using the form provided by the Tax Authoritiesv
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20% withholding tax (the definitive amount) levied on the entire amount of the dividends (there is no option to aggregate the income in this case).
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Companies, cooperatives and public companiesvi and permanent establishments of companies resident in the EU (who satisfy the conditions set out in Article 2 of EC Directive 90/435/EEC)
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20% withholding tax deemed to represent payment on account of the final tax duevii; final tax levied on only 50% of the dividends; No withholding tax and dividends exempted from taxationviii in cases where the holding is at least of 10% (or the cost of acquisition is not less than €20,000,000) and is maintained for an uninterrupted period of at least one yearix (by an entity to whom Article 6 of the Corporation Tax (IRC) Code does not apply). In the case of a permanent establishment this regime only applies if the entity satisfies the requirements and conditions of Article 2 of EC Directive 90/435/EEC)
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20% withholding tax (the definitive amount) levied on the entire amount of the dividends; No withholding tax (tax exemption) in cases where a holding of not less than 15% is maintained for an uninterrupted period of at least two years by a company that meets the requirements of Article 2 of EC Directive 90/435/EECx
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The relevant DTT (depending on which country the beneficiary of the dividend resides in) must be consulted to ascertain the applicable rate of withholding tax which will not currently exceed 15% but can be limited to 5% in cases where there is a qualified holding (substantial holdingxv); Proof must be presented to the entity which will carry out the distribution of the dividends of the residence in the country in question, using the form provided by the tax authoritiesxii
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20% withholding tax (the definitive amount) levied on the entire amount of the dividends
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IRC taxable entities whose main activity is not commercial, industrial or agricultural (whose main activity is not a business activity)xiii
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20% withholding tax deemed to represent payment on account of the final tax due; final tax levied on only 50% of the dividends
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20% withholding tax (the definitive amount) levied on the entire amount of the dividends; No withholding tax (tax exemption) in cases where a holding of not less than 15% is maintained for an uninterrupted period of at least two years by a company that meets the requirements of Article 2 of EC Directive 90/435/EECxiv
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The relevant DTT (depending on which country the beneficiary of the dividend resides in) must be consulted to ascertain the applicable rate of withholding tax which will not currently exceed 15% but can be limited to 5% in cases where there is a qualified holding (substantial holding); Proof must be presented to the entity
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20% withholding tax (the definitive amount) levied on the entire amount of the dividends
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IRC taxable entities exempt from tax on investment incomexvii
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No withholding tax (tax exemption), where proof of exemption is presented prior to the date on which the withholding tax is to be levied;Taxation at the rate of 20% where the shareholding was not held during the year before the date on which the dividends were distributed and a one-year holding period is not completed afterwards.
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No withholding tax (tax exemption), where proof of exemption is presented prior to the date on which the withholding tax is to be levied;
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Taxation at the rate of 20% where the shareholding was not held during the year before the date on which the dividends were distributed and a one-year holding period is not completed fterwards. No withholding tax (tax exemption), where proof of exemption is presented prior to the date on which the withholding tax is to be levied; Taxation at the rate of 20% where the shareholding was not held during the year before the date on which the dividends were distributed and a one-year holding period is not completed afterwards.
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No withholding tax (tax exemption), where proof of exemption is presented prior to the date on which the withholding tax is to be levied; Taxation at the rate of 20% where the shareholding was not held during the year before the date on which the dividends were distributed and a one-year holding period is not completed afterwards.
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Property and Securities Investment Funds and Funds of Funds, which are created and operating in accordance with Portuguese law
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20% withholding tax (without prejudice to a possible lessening of the double taxation at the level of the holders of the fund participation units, but not at the level of the fund itself).
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iTributação em Portugal dos dividendos distribuídos por sociedade fiscalmente residente em Portugal, sujeita a IRC e dele não isenta; este quadro tem um carácter informativo genérico, não dispensando a consulta e apoio de profissionais especializados e não leva em linha de conta a possibilidade de aplicação de normas fiscais anti-abuso; tendo sido elaborado em 12.04.2007.
iiPor definição, não se enquadram nesta hipótese os estabelecimentos estáveis de pessoas singulares não residentes, uma vez que em sede de IRS um estabelecimento estável implica o exercício de uma actividade empresarial ou profissional. Mas se porventura se enquadrassem aqui, não se aplicaria a regra da tributação em apenas 50% dos dividendos, que nos termos do Código do IRS apenas beneficia entidades residentes.
iiiCaso a prova não seja efectuada, a tempo, nos termos legais, haverá retenção na fonte à taxa de 20%, podendo o titular do rendimento solicitar, depois o reembolso do imposto correspondente à diferença entre essa taxa e a taxa máxima de retenção na fonte autorizada pela CDT.
ivNo caso de imputação do dividendo a estabelecimento estável em Portugal de não residente, é discutível, em face do quadro fiscal vigente, se o regime fiscal não será, antes, o seguinte: retenção na fonte à taxa de 20% com a natureza de pagamento por conta (taxa final de 25% sobre os rendimentos desse estabelecimento estável, entre os quais se incluem os dividendos). Esta interpretação parece, porém, incongruente com as soluções adoptadas pelo Código do IRS relativamente à tributação dos rendimentos de capital (serão situações, porém, raras pelo que a dúvida também raramente se colocará)
vCaso a prova não seja efectuada a tempo, nos termos legais, haverá retenção na fonte à taxa de 20%, podendo o titular do rendimento pedir depois o reembolso do imposto correspondente à diferença entre essa taxa e a taxa máxima de retenção na fonte autorizada pela CDT.
viNo pressuposto – que se verificará na maioria dos casos - de que exerçam a título principal uma actividade comercial, industrial ou agrícola. Note-se que relativamente a não residentes no território português sem estabelecimento estável neste território ao qual sejam imputáveis os dividendos, o regime descrito na quarta coluna (e, tendencialmente, na terceira coluna) aplica-se, qualquer que seja o tipo de entidade em causa, desde que não seja sujeito passivo de IRS.
viiExcepto quando, nos termos dos artigos 9º e 10º do Código do IRC, ou nas situações previstas no Estatuto dos Benefícios Fiscais, se excluam da isenção de IRC que aí se preveja todos ou parte dos rendimentos de capital. Nesses casos, a retenção na fonte tem carácter definitivo.
viiiA exclusão de tributação dos dividendos aplica-se independentemente da percentagem de participação e do período de tempo da sua detenção, no caso de dividendos de participações em que tenham sido aplicadas as reservas técnicas das sociedades de seguros e das mútuas de seguros, e bem assim no caso de dividendos relativos a participações detidas por sociedades de desenvolvimento regional, sociedades de investimento e sociedades financeiras de corretagem. As SGPS, por sua vez, beneficiam do regime de exclusão de tributação dos dividendos recebido independentemente da percentagem ou valor da participação detida (mas a estas continua a aplicar-se a exigência de detenção ininterrupta durante um ano).
ixA exclusão de tributação do dividendo opera mesmo que ainda não tenha à data da sua distribuição decorrido o período de detenção durante um ano da participação. Mas se esse período não se vier a completar, o dividendo será então sujeito a tributação. No que respeita à retenção na fonte, exige-se sempre, para que a dispensa prevista opere, que o período de detenção da participação durante um ano se tenha verificado já à data da colocação à disposição do dividendo.
xPara que ausência de retenção na fonte opere é necessário que o titular do dividendo providencie prova atempadamente, nos termos legais, da verificação dos requisitos de que depende a isenção. Caso contrário, terá de mais tarde pedir o reembolso do imposto retido na fonte. Esta é aliás a única via possível quando o período de detenção de dois anos só se complete após a data da distribuição dos dividendos.
xiDeve averiguar-se previamente se não se aplica o regime de isenção descrito em b) da coluna anterior.
xiiCaso a prova não seja efectuada a tempo, nos termos legais, haverá retenção na fonte à taxa de 20%, podendo o titular do rendimento solicitar depois o reembolso do imposto correspondente à diferença entre essa taxa e a taxa máxima de retenção na fonte autorizada pela CDT.
xiiiIncluindo sociedades comerciais, cooperativas e empresas públicas (que não exerçam a título principal uma actividade comercial, industrial ou agrícola). Note-se que, relativamente a não residentes no território português sem estabelecimento estável neste território, ao qual sejam imputáveis os dividendos, o regime descrito na quarta coluna (e, tendencialmente, na terceira coluna) aplica-se, qualquer que seja o tipo de entidade em causa, desde que não seja sujeito passivo de IRS.
xivPara que ausência de retenção na fonte opere é necessário que o titular do dividendo providencie prova atempadamente, nos termos legais, da verificação dos requisitos de que depende a isenção. Caso contrário, terá de mais tarde solicitar o reembolso do imposto retido na fonte. Esta é, aliás, a via possível, quando o período de detenção de dois anos só se complete após a data da distribuição dos dividendos.
xvDeve averiguar-se previamente se não se aplica o regime de isenção descrito em b) da coluna anterior.
xviCaso a prova não seja efectuada a tempo, nos termos legais, haverá retenção na fonte à taxa de 20%, podendo o titular do rendimento solicitar depois o reembolso do imposto correspondente à diferença entre essa taxa e a taxa máxima de retenção na fonte autorizada pela CDT.
xviiInclui qualquer tipo de entidade, abrangendo os tipos incluídos nas duas grelhas anteriores quando beneficiem da isenção referida. Podem-se destacar os fundos de capital de risco, os fundos de pensões, os fundos poupança-reforma, os fundos poupança-educação e os fundos poupança-reforma/educação, que se constituam e operem de acordo com a legislação nacional.
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