Taxes - page 2

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PennySeven
553
PennySeven  
Fernando Carreiro:

In Portugal, if you declare your gains as based on Financial Trading, then you will be taxed on your earnings by a simple fixed %Rate (currently 28%), but you cannot declare or write off any losses or expenses.

The only way, to write off the expenses and/or the loss, is if you register as being a type of Sole Proprietor of a Business, but then you have a higher rate (28.5%-48% depending on earnings) and you have to have a Certified Accountant auditing your records and books.

In my case, since I also do Software development, I have both systems in place, but for the trading I use the simple fixed rate% as that benefits me more than using the more complex method.


Why don´t you open an Ireland Trading Company and pay a maximum of 12.5% tax? You can do that in Portugal. It is part of the EU. It should be very easy to open such a company over the internet and I am sure it won´t cost very much. 

From a business point of view, it is the required and logical thing to do.  

Pingo Doce did it in Portugal. They used the Netherlands. 14% tax, I think. 

Fernando Carreiro
5017
Fernando Carreiro  
PennySeven: Why don´t you open an Irish Trading Company and pay a maximum of 12.5%? You can do that in Portugal. It is part of the EU. It should be very easy to open such a company over the internet and I am sure it won´t cost very much. 

No, it is not as simple as you make it out to be! For one, you need an Irish address (not a PO Box), plus you need Insurance Coverage, and a few other things!

EDIT: When I start making "millions" then I will consider it. For now, my trading gains are still in the "modest" ranges of €500-€1500/month.

PennySeven
553
PennySeven  
Fernando Carreiro:

No, it is not as simple as you make it out to be! For one, you need an Irish address (not a PO Box), plus you need Insurance Coverage, and a few other things!


That is all included in the company formation services offered by accounting and other services companies in Ireland. 

What you state about an Irish address is taken care of in these company formation packages. They would not advertise these services on the internet if it were not possible. You have a company in Dublin. Its head office is the office of your nominee director there, something like that. The address part is the least important detail. 

There is a well organized service industry in Ireland catering for what I am saying you should do. 

As a citizen of an EU country you can own a company in any other EU state, including Malta and pay only 5.25% total tax. 

https://www.google.pt/search?q=company+formation+services+in+Ireland&oq=company+formation+services+in+Ireland&aqs=chrome..69i57.11651j0j1&sourceid=chrome&ie=UTF-8

Many offerings. 

€149.99 for company formation in Ireland. 

company formation services in Ireland - Google Search
company formation services in Ireland - Google Search
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Fernando Carreiro
5017
Fernando Carreiro  
PennySeven: That is all included in the company formation services offered by accounting and other services companies in Ireland. 

What you state about an Irish address is taken care of in these company formation packages. They would not advertise these services on the internet if it were not possible. You have a company in Dublin. Its head office is the office of your nominee director there, something like that. The address part is the least important detail. There is a well organized service industry in Ireland catering for what I am saying you should do. 

I'm not ready for that step just yet, but thank you for the information and advice!

PennySeven
553
PennySeven  
Fernando Carreiro:

I'm not ready for that step just yet, but thank you for the information and advice!


Nada!

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