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The Portuguese Government's latest initiative, part of the 2024 State Budget, aims to revolutionise scientific research and innovation. The scheme offers a special 20% tax rate on net income from employment and business activities for ten years and exempts various types of income obtained abroad. Eligible taxpayers include new residents who haven't lived in Portugal for the past five years and engage in activities like academic teaching, scientific research, and highly qualified roles in eligible companies.
In an article for The Portugal News, Patrícia Cabriz, Associate at CCA's Private Clients Department, talks about the benefits and goals of this new tax incentive scheme. "This favourable scheme is designed to attract talent and skilled workers to Portugal, promoting the growth of companies and boosting innovation in our economy." emphasises the lawyer.
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- The Portugal News