The government of Portugal is raising tax revenues by 30 percent in 2013.
According to Blevins Frank, an international tax and wealth management company, “Portugal’s tax burden is now higher than in the UK, France, Spain, Germany and Italy. Remember, if you are resident in Portugal you have to pay tax on your worldwide income and, for British expatriates, what was tax efficient in the UK may be fully liable to tax here.”
Portugal’s top tax rate in 2013 will be 56.5%, that’s 48% on income over €250,000 plus two surcharges of 3.5% and 5%.
Read the breakdown of Portugal’s 2012 and 2013 taxes and how they compare here.