Tax Report FAQ for Portuguese Residents

Any data reported in the tax statement is strictly for informational purposes only.
It is not intended as a tax declaration or as a substitute for legal advice.
We strongly advise you to verify the tax statement with your tax advisor.
eToro does not provide tax advice and this page is for informational purposes only.

On this page, you will find information about the eToro Tax Report, which is a document generated based on your previous annual trading activity on the eToro platform and is structured in accordance with local tax guidelines.

General information

  • Tax Year: 01.01. – 12.31
  • Reporting Currency: EURO (EUR)

Filing Date: June 30, 2022

  • The tax return can be submitted between April 1, 2022 and June 30, 2022
  • Extensions may be allowed until December 31, 2022 for foreign income. Forms can be submitted electronically and on paper.

Consumption Logic: FIFO

Taxable Basis

  • Income: From dividends, interest, and other  investment income
  • Capital Gains: Capital gains from securities and derivatives. Capital gains from crypto assets are not taxable
  • Wealth: There is no wealth tax. Foreign deposits need to be identified.

Tax Forms

Modelo 3 Anexo J is the form where income from abroad must be reported. There are different sections applicable to investment income.

Link: https://info.portaldasfinancas.gov.pt/pt/apoio_contribuinte/modelos_formularios/irs/Documents/Mod_3_anexo_J.pdf

  • Section 8
    • Investment income must be reported in section 8 (“Rendimentos de Capitais”) of Modelo 3 Anexo J.
    • Each income must be grossed per country and income code.
  • Section 9.2
    • Capital gains must be reported in section 9 (“Rendimentos de Incrementos Patrimonais”) of Modelo 3 Anexo J.
    • Capital gains from securities are reported in section 9.2A.
    • Capital gains from derivatives and other financial products are reported in section 9.2B.
      Note: Fees are included as part of the overall sum in section 9.2B.
  • Section 11
    • Accounts held in foreign countries must be reported in section 11 of Modelo 3 Anexo J. They mus to be identified via IBAN/BIC or any other identifier (e.g., account number)

 

 

Tax report as a basis to file the official tax return

  • Reporting of capital income in Section 8 of Modelo 3 Anexo J:
    Each of the rows included in section 8 of the report needs to be included in the official form. In the example, the values for the first row are displayed including how they should be reported in the official form.
    The highlighted amounts must be included in the form.

Report:

Official form:

In case the paper format is used to declare the amounts, the total amounts must be also included in the official form.

Report:

Official form:

The codes that are displayed in the report are the ones published in the official guidelines.

In the past, some taxpayers were notified that it was not possible to include codes with code E99. For that reason, there is a footnote for the relevant income payments — specifically which income code should be included.

It is also for that reason that in the case of E99 codes, the gross amounts are grouped per income type (dividend, interest, other capital income), in addition to the country and the code.

Reporting of capital gains in Section 9.2

Reporting of securities in Section 9.2 A

Each of the rows belongs to one disposal from securities, triggering a taxable capital gain/loss.

Report

Official form

Furthermore, the total amounts should be filled in if the paper format is used.

Report

Official form

 

Reporting of derivatives and financial contracts in section 9.2B

In the case of section 9.2B, just the net gain from the financial contracts must be reported. The net gain is computed with the same capital gain rules used for other securities: proceeds – acquisition costs – (selling fees + acquisition fees).

Each line displays a unique disposal from financial contracts or derivatives, triggering a capital gain.

Report

Official form

In the paper form, the sums should be included too.

Report

Official form

Reporting of foreign accounts

Portuguese taxpayers need to provide information about accounts held in foreign accounts. They are normally identified via IBAN and BIC. However, other identifiers are also possible, as included below.

If the IBAN and BIC are provided, the lines should be reported in the IBAN/BIC section. If another identifier has been reported, the row should be included in the section related to other identification numbers.

Report

Official form

 

Any data reported in the tax statement is strictly for informational purposes only.

It is not intended as a tax declaration or as a substitute for legal advice.

We strongly advise you to verify the tax statement with your tax advisor.

eToro does not provide tax advice and this page is for informational purposes only.