New return for reporting tax withholdings approved

Ordinance no. 31/2021, published today, approved the new Model 39 declaration and its filling instructions.

The declaration model 39 must be filed by debtor entities and by entities that pay or make available capital income subject to withholding tax at the rates foreseen in article 71 of the IRS Code or subject to definitive withholding tax, whose income beneficiaries are resident in Portugal and that do not benefit from exemption, waiver of withholding or rate reduction.

This new declaration is intended to improve the existing forms and adapt them to the newest legal updates.

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[Photo by: Sharon McCutcheon, available at]