The Tax Identification Number (NIF) is a key element of the Portuguese tax system, serving as a unique identifier for individuals and companies. It is used for a variety of purposes, including taxation, declaring income, opening bank accounts and concluding contracts. To keep up to date with the latest developments and obligations relating to the NIF, it is important to keep abreast of news and events on the subject.
These concern the simplification of the online NIF application process. The Portuguese tax authorities have introduced a simplified online process for applying for a TIN. The aim of this new procedure is to make the application process more accessible and efficient for citizens and residents.
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Then there was the extension of the tax return deadline. As a result of the COVID-19 pandemic, the tax authorities have extended the tax return deadline for 2023. This measure is designed to give taxpayers more time to comply with their tax obligations.
In addition, the tax exemption threshold for 2024 has been increased slightly, meaning that people earning less than this amount will not pay any income tax. For further details, Access here.
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As far as upcoming events are concerned, we can highlight the Company Tax Workshops: the Portuguese Tax and Customs Authority (AT) is organising a series of company tax workshops throughout the year. These workshops aim to provide companies with information and advice on their tax obligations.
Secondly, the National Tax Conference: a national tax conference will be held in November 2024. This event will bring together tax experts, government officials and private sector representatives to discuss the latest tax trends and issues.
The NIF plays an essential role in the Portuguese tax system. It is important to keep abreast of the latest updates and events relating to the NIF to ensure that you are compliant with your tax obligations. For more information on the NIF, please visit the Portuguese Tax and Customs Authority website.