The filing of the personal income tax return for 2024 begins on April 1 and brings some important changes.
As of this year, it will be compulsory to declare cryptocurrencies and any assets held in offshore tax havens, which requires greater attention from taxpayers.
Suppose you own cars, bank deposits, shares, bonds, insurance, assets held via fiduciary structures or rents in countries with more favourable tax regimes, known as offshore tax havens. In that case, you must indicate these assets on your tax return. This information must be reported in Annex G of the tax return, including the country or region where the assets are registered.
Also in Annex G, you will need to declare your ownership of crypto-assets, but only if you have had them for over a year. Although cryptocurrencies are not subject to IRS taxation, their declaration is now compulsory.
In addition, Annex A, relating to dependent labour, has been updated with the creation of a new code for reporting income paid in cryptoassets that is not subject to withholding tax. This new obligation applies to 2024 and subsequent years.
Tax Department
Sofia Quental | Inês Grácio | Catarina Amaral
