Portugal Gazettes Decree-Law Amending Individual Income Tax Code

The Portuguese Official Gazette March 6 published Decree-Law No. 13/2025, amending the Individual Income Tax Code. The decree-law includes measures: 1) eliminating the obligation for individuals to report income subject to final withholding tax and non-taxable income exceeding 500 euros (US$583); 2) requiring individuals to report assets held in countries, territories, or regions considered tax havens in annual individual income tax returns, even if no income is received; 3) clarifying that individuals holding such assets are not eligible for the automatic tax return process; and 4) listing the types of assets covered, including real estate, vehicles, bank accounts, securities, shares, ...