Market Taxation Guide – Portugal – CBL
This Market Taxation Guide (Portugal) provides the following details:
- Reference information about all taxes applied at source, through Clearstream Banking1 to securities held in CBF; and
- Instructions for obtaining relief at source or a refund of withholding tax, where these are available, through Clearstream Banking.
New and improved tax information and procedures that become available will be included on an ongoing basis.
Important note:
This Market Taxation Guide (including any attachments and other links) is for informational purposes only and is not intended and should not be considered to be legal advice on any subject matter. Readers of this Market Taxation Guide, whether clients or otherwise, should not act or refrain from acting on the basis of any information included in this Market Taxation Guide without seeking appropriate legal or other professional advice.
Withholding tax
| Debt securities subject to Law 83/2013 | Holding restriction | Withholding tax rate | Relief at source | Quick refund | Standard refund |
No | 35%a | ||||
DTT/TIEA residents eligible for tax exemption | Yes | Yes | No | ||
Credit institutions, financial companies, pension funds, insurance companies domiciled in an OECD Member State or in a DTT country | Yes | Yes | No | ||
Collective Investment Vehicles (CIVs) domiciled in an OECD Member State or in a DTT country | Yes | Yes | No | ||
Central banks, public law agencies, public law entities or International/Supranational organisations recognised by the Republic of Portugal | Yes | Yes | No | ||
Portuguese residents eligible for tax exemption | Yes | Yes | No | ||
Portuguese residents not eligible for tax exemption but applying for 25% or 28% standard tax rate | Yes | Yes | No | ||
| Equities | Holding restriction | Withholding tax rate | Relief at source | Quick refund | Standard refund |
No | 35%a | ||||
Residents of a Double Taxation Treaty (DTT) country | Yes | Yes | Yes | ||
EU/EEA pension funds | Yes | Yesb | No | ||
Non-residents of Portugal recognised as tax-exempt under Portuguese legislation (Central banks, government agencies and International/Supranational organisations recognised by Portuguese law) | Yes | Yes | No | ||
Portuguese residents eligible for tax exemption or for 25% or 28% standard tax rate | Yes | Yes | No | ||
Portuguese non-residents not eligible for tax exemption but applying for 25% or 28% standard tax rate | Yes | Yes | Yes | ||
a. 35% aggravated rate applicable to undisclosed BOs or residents in blacklist jurisdictions; 28% standard rate applicable to disclosed individual BOs; 25% standard rate applicable to disclosed corporate BOs.
b. EU/EAA pension funds can only benefit from the DTT rates via quick refund.
Note: For details regarding debt securities subject to DL 193/2005 refer to Debt Securities subject to DL 193/2005 - Portugal
Capital gains tax
There is no capital gains tax withheld through Clearstream Banking on securities held in Clearstream Banking. Capital gains tax may however be payable on specific gains. Clearstream Banking does not assist in this regard. Please consult your tax advisor for further information.
Stamp duty
There is no stamp duty withheld through Clearstream Banking on securities held in Clearstream Banking. Stamp duty may however be payable on specific transactions. Clearstream Banking does not assist in this regard. Please consult your tax advisor for further information.
------
1. “Clearstream Banking” refers collectively to Clearstream Banking S.A. and Clearstream Banking AG (for Clearstream Banking AG clients using Creation accounts).