How are US LLCs taxed in Portugal?
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Corporate Income Tax (Imposto Sobre a rendimento das pessoas colectivas – IRC) is payable on corporate profits based on business/trading income, passive income, and capital gains.
The basis to determine the tax residency of a company in Portugal takes into consideration whether the legal seat or place of effective management and control is based in Portugal.
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DERREN JOSEPH:
How is income from US-based LLCs, Taxed in Portugal? Yeah. This is another one that we get pretty often. So essentially this has to do with the nature of the LLC, specifically in this real economic substance in the US as opposed to just being a shell company. And management and control are exercised in Portugal. So basically it’s a single number, LLC, you are the only person working for this LLC and you’re sitting in Portugal. So that fact, fact, and circumstances will drive its tax treatment. Augusto, am I correct in saying that?
AUGUSTO PAULINO:
Yep, yep. That’s the idea. So the situation would be different depending on those factors.
DERREN JOSEPH:
Exactly, yeah. And it is, it is quite a, you know, a widely discussed topic because some people, they, you know, they are aware of this, so we explain it to them and they’re perfectly aware of this, of the dynamics of the situation, but they, they continued to file and represent themselves in the tax authority in Portugal as if there’s real substance in the LLC US. And therefore, the distribution is treated as dividends, so it’s tax-free. But, you know, I guess, they’re counting on the fact that as one person told me, is the tax agent in, or the tax officer and the Portugal tax office gonna check, are they going to really investigate? Are they really gonna ask, you know, I guess chances are no, but it could happen? And if it could happen then you might be in some problems if you misrepresented the situation. So it is, you know, it’s just one of those things that you wanna be careful about. Yeah. Okay.
OUTRO:
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