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Under Portuguese tax legislation, shareholders who reside in Portugal are attributed profits obtained by companies residing in tax havens in proportion to said shareholders’ share and regardless of distribution, provided that the shareholder directly or indirectly holds a share of at least 25%. If the non-resident company is directly or indirectly more than 50% held by resident shareholders the share in question must be at least 10%.

These rules also apply whenever the profits or income ensue from an indirect participation held via a proxy, trustee or intermediary.

This attribution corresponds to the profit obtained by the company after deducting tax on profit applicable under the tax regime of the country where the company resides.

Not only entities residing in the countries of the official Portuguese list of tax havens are considered tax haven residents, but also those who are not taxed in such countries or who do not pay the equivalent of corporate income tax or when the tax paid is equal to or less than 60% of the legally applicable general corporate income tax rate. 

This regime is not applicable to non-resident entities in Portuguese territory, at least 75% of whose profits or income derive from an agricultural or commercial activity in the territory where they is established, or an industrial or services activity, which is not predominantly directed to the Portuguese market.

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