this newsletter is edited by Stephen Conlusa Stieb and his team (CONLUSA, Avenida Marques Leal 9, São João do Estoril, 2765-495 Estoril, Portugal), which also carries the full editorial responsibility.
NEWSLETTER N ° 19: Drastic cuts in the tax deductibility of expenses for income tax 2011
The Budget Law for 2011 (Lei n º 55-A/2010, 31 December 2010) provides significant reductions in the tax deductibility of expenses for income tax before:
Once the taxable income exceeds the amount of total of 66 045 € (whether single or married) may exceed certain deductible expenses are deducted to the taxable income, with a maximum of 1,110 € / year from the tax liability only up 1.666% of. Such costs include: expenditures on health, education, accommodation in old age and residence halls and costs related to rent, purchase financing an owner-occupied property, or the purchase of equipment for renewable energy.
maximum deductible from the tax liability costs and the ceiling may be exceeded soon!
Health: up to 66 045 € taxable income 30% of costs without limitation. From 66 045 € 30% of costs up to a maximum of 1.666% of taxable income. With an annual income of just under 70,000 and € 3666 € that is, the health costs above deductible amount is reached of 1,110 €.
Education: 30% of costs up to a maximum of 760 Euros per year. For families with at least three children, the deduction increases to € 142.50 per child.
Nursing Homes / Residences: 25% Costs up to a maximum of € 403.75 per year.
residential property (rental or purchase financing) and equipment for renewable energy: 30% of expenditure up to a maximum of 591 € with a small increase in income of up to 42 259 € and 30% for the purchase of equipment for renewable energy up to a tax deduction than 803 €.
condition that costs of children's education or the retirement home of a close relative related issues can be used to reduce the amount of tax due, but now that a tax ID present level of the children or relatives. We therefore recommend that if you have not done for children to get a corresponding tax number.
And yet some important changes: premiums for life and accident insurance will not normally be sold as a tax deductible expense. The "Benefícios fiscais" to be heavily restricted (from 7410 € to 100 € taxable annual income and then reduced progressively to zero).
was noted as a consolation that award can be made for private health insurance for unmarried persons (deduct up to 85 €) and spouses (deduction of up to 170 €) still tax deductible.
We wish you all the best!
your
CONLUSA team
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