Incentives & Grants in Portugal

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1 Incentives & Grants in Portugal 2015

2 Incentives & Grants in Portugal INNOVATIVE MANUFACTURING & SERVICES RESEARCH & DEVELOPMENT HUMAN RESOURCES AGRO INDUSTRIES

3 1. Financial Incentives PORTUGAL 2020 INNOVATIVE PORTUGAL MANUFACTURING 2020 & SERVICES NATURE AND EXPENSES Company Investment type Level of dimension innovation Industry Services Non SME New products or services New production methods or processes National or international Tourism SME New products or services Company level New production methods or processes Eligible expenses Tangible Fixed assets: Intangible Fixed assets: Productive machinery and equipment; Computer hardware and software; Construction and buildings (up to a certain limit) Technology transfer; Licenses and know how ; Software; Studies, engineering, audits, marketing plans, etc. More at:

4 1. Financial Incentives PORTUGAL 2020 INNOVATIVE PORTUGAL MANUFACTURING 2020 & SERVICES FINANCIAL SUPPORT Loan Refundable Loan Manufacturing: 8 years = grace period Tourism: 10 years = 7+ 3 grace period Refund exemption up to 50% of the incentive (depending on the degree of the overcoming of the contractual objectives) Maximum Base Rate 35% Rates Bonuses up to 40%: 15% Medium and Small Enterprises - eligible expenses above 5M 25% Small Enterprises eligible expenses below 5M 10% - projects on regions with low population density 10% - demonstration and dissemination of innovative solutions 10% - sustainable use of resources Apply at: Note: The aid cannot exceed GGE : 25% ( a regions) or 10% ( c regions) + 10% Medium-sized Enterprises + 20% Small-sized Enterprises

5 Aid Limits INNOVATIVE MANUFACTURING & SERVICES EU Limits: applied to Financial and Tax Incentives Lisbon city is out for incentives North: 1. Minho-Lima 2. Cávado 3. Ave 4. Alto Trás-os-Montes 5. Grande Porto 6. Tâmega 7. Douro 8. Entre Douro e Vouga Alentejo: 21. Lezíria do Tejo 22. Alto Alentejo 23. Alentejo Central 24. Alentejo Litoral 25. Baixo Alentejo Remaining: 26. Grande Lisboa 27. Península de Setúbal Centre: 9. Baixo Vouga 10. Dão Lafões 11. Serra da Estrela 12. Beira Interior Norte 13. Baixo Mondego 14. Pinhal Interior Norte 15. Cova da Beira 16. Beira Interior Sul 17. Pinhal Litoral 18. Pinhal Interior Sul 19. Médio-Tejo 20. Oeste 28. Algarve 29. R. A. Madeira 30. R. A. Açores Maximum Aid Intensities (in Gross Grant Equivalents) Large Companies Medium Companies Small Companies A C 25% 35% 45% Variable Variable Variable 5

6 2. Tax Incentives MANUFACTURING & SERVICES 2.1 Investment Tax Code Scope Nature of Incentives Timing Tax benefits up to a 10-year period, after the conclusion of the investment. Only apply to projects equal or above 3,000,000 (eligible expenses) Cumulative with financial incentives (for the same investment project*) May not be combined with other similar benefits that could be attributed to the same investment project. Conditions: relevance to the development of the industries considered of strategic interest to the national economy and to the reduction of regional disparities, and contributing to boost technological innovation and national scientific research; New jobs must be created or existing ones must be retained; Projects cannot start before the submission of the application form. Corporate Income Tax Credit from 10% up to 25% of eligible investment Exemption or reduction of municipality tax (IMI) Exemption or reduction of property acquisition tax (IMT); Exemption of stamp tax duty. *up to the GGE limit established by the EU Source: Decree Law No. 162/2014, October 31 st

7 2. Tax Incentives MANUFACTURING & SERVICES 2.1 Investment Tax Code Base Rate 10% of eligible investment of the project actually accomplished + 10% Bonuses (cumulative) Location Up to 10% according to: % Region per capita purchasing power index higher than 6 NUTS* 2 90% the national average; 8 NUTS* 3 90% the national average; 10 Municipality 80% the national average; + 10% Bonuses (cumulative) jobs Up to 8% - jobs creation or retaining until the end of the investment contract according to the following: 1% 50 jobs 2% 100 jobs 3% 150 jobs 4% 200 jobs 5% 250 jobs 6% 300 jobs 7% 400 jobs 8% 500 jobs + 8% Bonuses (cumulative) Exceptional conditions Up to 6% - significant contribution of the project to technological innovation, environmental protection, enhancement of production of Community or national origin, development and revitalization of SMEs or to interact with national or relevant institutions of the National Scientific System Up to 5% - recognized exceptional importance of the project to the national economy + 6% + 5% *NUTS - Nomenclature of territorial units for statistics Source: Decree Law No. 162/2014, October 31 st 25%

8 2. Tax Incentives MANUFACTURING & SERVICES 2.1 Investment Tax Code Maximum Annual Deduction Greenfield project: total tax amount; Existing companies: greater value between 25% of the total tax credit or 50% of the tax amount in each fiscal year, unless a different limit be established contractually. Tangible Fixed Assets Construction of production or essential administrative activities, new equipment (machines, etc.) Eligible Expenses (examples) Intangible Fixed Assets Technology transfer (patent rights, licenses, know-how, etc.) Up to 50% of the remaining eligible expenses in the case of non SMEs Others Expenditure with technical assistance and preparation of studies. Source: Decree Law No. 162/2014, October 31 st

9 2. Tax Incentives MANUFACTURING & SERVICES 2.2 Investment Tax Credit ( RFAI ) Nature of expenses and conditions Incentive Tangible Fixed assets, excluding, land, light vehicles and construction of non productive buildings Intangible assets: Technology transfer namely patent rights, licenses, know-how, etc.). Conditions to apply: job creation. Corporate Income Tax credit of the eligible investment, according to: 25%, for investment amount up to 5M ; 10%, for investment amount over 5M. Exemption of municipality tax (IMI); Exemption of property acquisition tax (IMT); Exemption of stamp tax duty. Entity in Charge Apply by filling the annual income tax form, along with a list the expenses. It is not cumulative with other fiscal incentives. Source: Decree-Law 249/2009, of 23rd September (available at )and Regulation 12/2010, of 7th January Available (in Portuguese) at

10 3. Financial Incentives for R&D R&D Scope Research and Development Projects Rates Bonuses (cumulative) Base rate: 25% - Up to 1Million: non refundable; - 75% of the incentive s amount that exceeds 1M: non refundable; The remaining 25% of the incentive s amount that exceeds 1M: refundable (interest free loan). - Industrial research: + 25 pp; - Medium enterprises: + 10 pp; - Small enterprises: + 20 pp; - 15 pp when verified one of the following situations: collaboration (coordination) with undertakings; collaboration (coordination) with research organizations; wide dissemination of research results. Source: Ordinance No. 57-A/2015

11 3. Financial Incentives for R&D R&D Eligible Expenses Elegível Expenses Cost of technical staff dedicated to R&D activities; Purchase of patents from external sources or licensed by external sources; Raw materials and components for prototypes; Acquisition of technical and scientific assistance and consulting, costs with the usage of electronic platforms; Purchase of scientific and technical appliances and equipment assigned exclusively to the project; Purchase of specific software for the project; Costs with the promotion and dissemination of the results from innovation, including entry and space fees in national fairs abroad; Cost of travel and stay abroad directly attributable to the project; Expenses with the certification process of the Management System of Research, Development and Innovation; Costs of the intervention of certified accountants or auditors; Contributions in kind; Allocation of indirect costs. Source: Ordinance No. 57-A/2015

12 4. Tax Incentives for R&D R&D Target Incentive Entity in Charge Companies investing in R&D between 2013 and The following R&D-related expenses can be eligible: - Research expenses: acquisition of new scientific or technical knowledge; - Development expenses: exploitation of research results Deduction on corporate income tax: Base rate: 32.5%; Incremental rate: 50% of the increase in expenses incurred during that period compared to the average from the previous two fiscal years, up to 1,500,000 (for newly established companies, the incremental rate will not apply; in case of newly established SMEs: base rate + 15 pp). Applications must be submitted until the end of July, each year. Agência Nacional de Inovação; Ministry of Economics. Apply at: Source: Law nº 83-C/2013, December 31 st ; Decree-Law nº82/2013, June 17 th

13 This document is meant purely as an information tool and it is without prejudice to the official information provided by IEFP and the legal text as published in the official journal 5. Internships HUMAN RESOURCES Target Population Unemployed aged between 18 and 30 (inclusive), with a qualification level > 1; Unemployed (more than 12 months) aged 30 or above, looking for a new job, with a new qualification level higher than 1, acquired in the last 3 years; Unemployed between 31 and 35, in predefined sectors, with a qualification level higher than 1; Unemployed living in a single parent family; Unemployed married couple or in a de facto relation (both unemployed); Handicapped unemployed (no age limit). Total Grant to the Intern Total Employers Cost Entity in charge Up to 12-months Internship The intern will receive a monthly support comprising: Monthly trainee subsidy + meal allowance ( 88,96) + work insurance ( 13,82): Up to 438,16 Primary education until grade 9 (Level 2); Up to 505,23 Secondary general education (Level 3); Up to 538,77 Secondary vocational education (Level 4); Up to 572,31 - Post-secondary non-tertiary (Level 5); Up to 656,15 Tertiary Education (Levels 6, 7 and 8) At least, 20% of the Monthly trainee subsidy, and Social Security Contributions (23,75%) Public Employment Service Apply at: Source: Ordinance 149-B/2014, July 24 th, Estágios Emprego, under the Strategic Regime

14 This document is meant purely as an information tool and it is without prejudice to the official information provided by IEFP and the legal text as published in the official journal 6. Estímulo Emprego Program HUMAN RESOURCES Target Population Young people aged up to 30 years or people aged 45 years or more, unemployed registered in the Employment Center for at least 60 consecutive days; Unemployed people registered for more than 6 months; Other people with no records on Social Security in the last 12 months Unemployed living in a single-parent family or living in a legal relation where both are unemployed; Unemployment compensation beneficiaries and social income beneficiaries. Total Financial Grant Requirements Entity in charge Fixed-term labor contracts (maximum 12 months and 25 contracts): EUR 335,38 x [nº months of the contract x 50%] up to the limit: EUR 2.012,26; EUR 419,22 x [nº months of the contract x 50%], in certain cases up to the limit: EUR 2.515,32; Permanent labor contracts: EUR 461,14 X 12 months = EUR 5.533,68 Training by certified body for 50 hours or on-job training during the period of support; Minimum length of fixed-term contracts is 6 months; Net increase in total employment; former trainees are eligible. Public Employment Service Apply at: Source: Ordinance nº149-a/2014, July 24 th

15 This document is meant purely as an information tool and it is without prejudice to the official information provided by IEFP and the legal text as published in the official journal 7. Exemption of social contributions HUMAN RESOURCES Target Population Applies to young people looking for first job, aged less than 30 years old; Long-term unemployed (registered at the employment center for more than 12 months). Grant to Employers Duration and conditions Entity in Charge & How to apply Exemption from payment of Social Security Contributions [23,75%] for a maximum period of 36 months Only applies to permanent employment contracts; Exemption ceases, namely, in case of employment contract termination or suspension (excepting employee temporary incapacity or unavailability for work). In case of long-term unemployed, no previous fixed-term contracts for more than 6-months period; in case of young people, no previous permanent contract. Social Security Authority Source: Decree-Law No. 89/95

16 8. Fiscal Incentives for Expats HUMAN RESOURCES Target Qualified Expatriates in: - high added-value activities - scientific, artistic or technical activities - upper management positions Incentive Flat rate for Income Tax: 20% + 3,5% - It applies for a maximum period of 10 years; - Applicant must be registered as a Portuguese tax resident Entity in Charge Ministry of Finance Source: Decree-Law 249/2009, of 23rd September (available at )and Regulation 12/2010, of 7th January Available (in Portuguese) at

17 9. Incentives for Agro Industries AGRO INDUSTRIES Target Incentive Companies investing in: - Agricultural activities (minimum investment of EUR ): to enhance farm sustainability. - Agro food processing and marketing (minimum investment of EUR and maximum of 4 Million Euro): to promote the expansion and renovation of agro-food processing operations, innovation and food safety. - Agricultural activities: Variable Cash grant (30% to 70% of investment amount) up to a maximum of 2 Million Euro, non refundable); - Agro food processing: Variable Cash grant (25% to 65% of investment amount) up to a maximum of 3 Million Euro, non refundable); Entity in Charge Ministry of Agriculture and Sea Apply at: or Source: Ordinance nº230/2014, November 11 th

18 Disclaimer This document is for information purposes only. It partially reflects but does not disclose completely nor substitute the knowledge of the full legislation governing incentives in Portugal. AICEP is available to assess specific business plans and to determine how specific investments may qualify for incentives packages and what, if any, type of packages may be applicable to the investment.

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