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Europe Guide

Tax — Portugal

Overview

Located on the south-west Atlantic coast of Europe, Portugal is a strategic platform for African Portuguese-speaking countries, Brazil and Latin America, and an excellent gateway to these wider markets. As an EU Member State and part of the Eurozone, Portugal benefits from open, tariff-free trade with all 28 EU Member States, and from free movement of labour, services and capital. In addition, Portugal offers outstanding national and international accessibility through highly developed infrastructure, logistics and IT communications networks.

Portugal boasts an extremely friendly business environment, characterised as stable, simple and with low bureaucracy. This makes it one of the easiest places to start a business, while it is also a premium tourism and real estate location, and one of the EU-leading countries in R&D and new technologies. There are no restrictions on foreign investment in Portugal as the Portuguese system is based on non-discrimination with regard to the national origin of investment (thus, no distinctions are made between foreign-owned and Portuguese-owned companies).

Simplification programmes that have been implemented over the last decade are contributing significantly to making Portugal attractive to businesses and citizens. The SIMPLEX programme was created by the government to make everyday life easier for resident and foreign individuals and companies by cutting red tape, reducing compliance costs and using ICT (Information and Communication Technology) to deliver better public services – most of which have been made available online.

Another great selling point for Portugal is its talented, flexible and highly qualified, generally English-fluent workforce, which still boasts attractive labour costs.

The Portuguese tax system, which follows most OECD guidelines and is in line with the majority of its European counterparts, offers attractive tax free exit solutions for the remittance of profits, investment income and capital gains under the EU Parent-Subsidiary Directive and the EU Royalties and Interest Directive. It also offers an extensive tax treaty network covering over 70 territories.

At the domestic level, following the 2014 tax reform, the standard corporate income tax rate dropped to 21%, and a reduced 17% rate applies to the first EUR15,000 of taxable income for small-medium sized companies. This represents a considerably lower tax burden on companies’ profit than in other European countries. Besides this, corporate investors can also benefit from a highly competitive participation exemption regime (dividends and capital gains), foreign tax credit relief and a nominal interest deduction for share capital.

Furthermore, Portuguese domestic rules exempt capital gains made on the transfer of securities (except shares in real estate companies), with investment income and capital gains from listed debt securities also exempt, provided, in both cases, that the beneficiaries are not domiciled in blacklisted jurisdictions and that the beneficiaries are not directly or indirectly held by Portuguese residents above certain percentages.

The new tax rules for the Madeira Free Trade Zone are another potential attraction. These rules provide that, subject to meeting certain conditions, companies licensed before 31 December 2020 will benefit from a corporate income tax rate of 5% up to 31 December 2027.

A range of tax incentives are also available for urban renewal, R&D expenses and investment projects deemed to be of interest to the country’s economic development and the reduction of regional imbalances. In addition, there is also a wide range of incentives for companies that are looking to invest in Portugal. These include incentives for Productive Investment and Research & Development Investment (such as financial incentives – Portugal 2020 – and tax incentives – provided for in the Investment Tax Code), incentives for job creation and a Patent Box regime. Portugal has also been the place for several important international events, like the Web Summit (2016 and 2017), which are contributing to a shift in perception - making Portugal the base for a growing number of start-ups that are looking for a perfect place to set up their business. In fact, there are several incentive programmes for start-ups including “soft loans” and co-investments in innovative and tech start-ups by the government, along with contributions from EU funds.

At an individual level, Portugal provides for a low effective tax burden, complemented by a special taxation scheme for non-habitual residents. This scheme allows individual taxpayers who become Portuguese tax residents – provided they have not been taxed as such in the previous 5 years – to be exempt from tax on foreign-sourced income in general. Beneficiaries of the scheme also enjoy (i) a reduced 20% rate on employment and self-employment income from high value-added work done in Portugal, applicable for a 10-year period, (ii) the free remittance of funds (inbound or outbound), (iii) no wealth tax, (iv) the recognition of trusts for tax purposes, (v) the harmonisation of the tax rate applicable to dividends, interest and capital gains (set at 28%), and (vi) an accessible residence permit regime (a gateway to the Schengen zone). Portugal also offers the Golden Visa Programme, a fast track for foreign investors from non-EU countries to obtain a fully valid Portuguese residence permit, which also allows free movement within the Schengen Area. This framework has been turning Portugal into the top choice for high net-worth individuals within the European Union.

Finally, the main goals of the implementation of a tax arbitration system in 2011, which was designed to achieve a quicker resolution of any tax disputes, have been fully achieved.

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Morais Leitão, Galvão Teles, Soares da Silva & Associados, SP, RL. - Tax Department

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Band 1

第一等

Chambers Commentary (based on the Chambers research)

What the team is known for Highly regarded practice handling a wide range of tax matters, noted particularly for tax litigation and international tax planning. Possesses specific expertise in income tax, VAT and stamp duty and additionally advises on transfer pricing. Clients benefit from its wide domestic footprint and experience handling international matters.

Strengths Sources appreciate the quality of the team's client service. "I'm very pleased with the lawyers' approach and knowledge," an interviewee reports, while another praises them as "very responsive," adding: "I think they have really good client service."

Work highlights Advised EDP-Energias de Portugal on the tax aspects of the EUR500 million sale of 100% of EDP Gás to Ren Gás.

Assisted REN - Redes Energéticas Nacionais with a dispute related to a special tax levied on the Portuguese energy sector. The matter was valued at EUR100 million.

Notable practitioners

António Lobo Xavier is hailed by sources for his "authority and knowledge" in the tax sector. He regularly advises multinational companies in the finance and telecommunications sectors and is well versed in matters including double taxation treaties, VAT and corporate income tax. He recently represented Jerónimo Martins in several tax litigation cases concerning corporate income tax.

Head of the Lisbon tax group Francisco de Sousa da Câmara is a regular adviser to prominent domestic companies and multinationals, and also assists high net worth individuals with a variety of tax issues. His recent highlights include acting for Somincor on a corporate income tax dispute.

Praised by market sources as a "very good lawyer," Bruno Santiago has considerable experience advising prominent national and international corporations on tax matters related to divestment strategies. He enjoys a solid client base in the banking sector. He recently assisted Tabaqueira with the revaluation of its assets tax.

About the Team (content provided by Morais Leitão, Galvão Teles, Soares da Silva & Associados, SP, RL.)

The firm has a substantial team of lawyers specialising in tax law. Our clients include national and foreign corporate groups, banks and financial institutions, securities and real estate investment funds, private equity funds, public institutions, foundations, non-governmental organizations and private clients.

We are able to offer integrated tax advice in relation to the most varied operations, combining different legal areas as required. Our expertise comprises tax planning in corporate restructuring operations, research and development activities, mergers and acquisitions, public offerings, securitisation operations, structured financing operations, mortgage credit, the issuing of debt, derivatives, as well specific, tailored tax support within the scope of each client’s field of activity. Tax litigation has traditionally been, and continues to be, one of our strengths.

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PLMJ Lawyers - Tax Department

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Band 1

第一等

Chambers Commentary (based on the Chambers research)

What the team is known for Top-tier practice group advising on complex tax matters particularly in M&A, real estate and corporate restructurings. Regularly involved in cross-border tax matters. Handles indirect and direct tax issues, non-performing loans, and tax litigation for banks and multinational companies. Additionally conducts tax due diligence.

Strengths Clients value the team's expertise and clear advice, with one saying: "The team members' approach was very clear and the extent of their knowledge of the tax environment in Portugal was amazing."

Further sources state: "In our opinion, PLMJ is one of the most reliable and professional firms in Portugal."

Work highlights Acted for the Portuguese subsidiary of Meag Munich Ergo Asset Management on a EUR1.5 million dispute with the Portuguese Tax and Customs Authority related to the recovery of VAT.

Assisted Royal Bank of Scotland with Portuguese corporate tax, stamp duty and VAT interest charges assessments, valued at around EUR2 million.

Notable practitioners

An experienced tax litigator, Serena Cabrita Neto is lauded by clients for her "commitment" and "capacity to interact with different partners." Further interviewees praise her as a "proactive, detail-oriented problem-solver." She regularly represents major Portuguese and international clients in tax disputes. She recently co-advised the Lear Corporation on a dispute with the Portuguese Tax and Customs Authority relating to a 2004 corporate tax assessment.

Head of tax Nuno da Cunha Barnabé earns "great respect and admiration" from clients for his expertise in tax matters, while further sources commend him as a "fantastic tax lawyer." He is particularly experienced in providing tax advice to high net worth individuals, and has deep expertise in the tax ramifications of M&A transactions.

João Magalhães Ramalho provides advice on corporate tax cases, M&A transactions and tax matters related to corporate restructurings. He regularly assists Italian clients with their Portuguese operations.

Miguel Reis is recognised for his work in both domestic and international taxation matters, advising ultra high net worth individuals and companies in sectors including financial services and real estate.

About the Team (content provided by PLMJ Lawyers)

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Cuatrecasas - Tax Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Widely noted for its corporate tax advice, including in domestic and international M&A and financial transactions. Provides particular expertise in tax litigation and international taxation, including joint venture tax optimisation. Acts as well on indirect taxation matters including customs taxes, stamp duty and VAT. Skilled at assisting private clients with tax planning and investment management.

Strengths Interviewees highlight the team's ability to provide reassurance to clients, especially when dealing with contentious matters. One client describes the team as "efficient in litigation," adding: "The lawyers give security and reassurance when needed."

Further sources praise the team for its dedication to clients.

Work highlights Assisted Artá Capital with the tax structure and negotiation of its USD76 million acquisition of Energyco/Gascan from Eficácia Verde.

Advised Robert Bosch on the structuring and negotiation of real estate transactions involving offices, logistics premises and industrial plants across Portugal.

Notable practitioners

Clients praise Diogo Ortigão Ramos as a "great strategist," with further sources commending his "very proactive way of delivering services." His broad-ranging expertise encompasses tax disputes and transactional matters, and he is experienced in handling cross-border matters. He acted for DHL Extress Portugal on a dispute in the Portuguese courts related to yearly postal services regulatory fees.

Tânia de Almeida Ferreira acts on a variety of tax matters ranging from corporate restructuring to international tax planning. Market observers praise her as a "very transparent and straightforward" practitioner.

Pedro Vidal Matos has considerable experience representing clients in tax-related disputes in domestic and international courts. He is commended by interviewees for his "ability to provide feasible solutions for the specific problems at hand" and recently represented National Air Cargo in a dispute before the Portuguese tax authorities arising from a corporate income tax assessment of over EUR2 million on a USD100 million loan that the client received from its subsidiary in Dubai.

About the Team (content provided by Cuatrecasas)

Please visit our website to find out more about how we work in this field: http://www.cuatrecasas.com/practice_areas/tax.html  

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Garrigues - Tax Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Widely recognised for tax litigation expertise and for providing extensive experience in tax optimisation work. Particularly strong in the areas of banking, insurance and real estate. Effectively advises on tax issues arising from M&A transactions and provides assistance with compliance and transfer pricing matters. Also handles corporate restructurings as well as advice to high net worth individuals.

Strengths Clients appreciate the team's talent and level of expertise. "The team is splendid. The people who work there are excellent," an interviewee reports. Further sources praise the team as "effective," adding that "the lawyers maintain a good quality of work."

Work highlights Advised Magnum Capital Industrial Partners on tax matters related to the EUR135 million sale of Generis Farmacêutica to Aurobindo Pharma.

Assisted Dexia with the tax aspects of the reorganisation of its banking operations in Spain and Portugal.

Notable practitioners

Fernando Castro Silva is hailed by interviewees as a "very skilled practitioner" and "expert in tax cases." He has deep knowledge of the full spectrum of tax legislation and is particularly well versed in M&A, restructuring and real estate taxation matters. Sources also praise him as "strong-minded and skilful." His recent highlights include advising on tax issues connected with the EUR150 million combination of the JD Group’s existing businesses in Iberia and JD Sprinter with Sport Zone’s business.

Pedro Miguel Braz is regularly sought out for his tax expertise by clients in the financial, corporate and real estate areas. "I absolutely enjoy working with him due to his technical skills," a client reports, adding: "The way we work together and combine our knowledge is extremely productive and efficient." He recently acted for Barlis 06 on a dispute brought before the ECJ and National Court and related to invoicing requirements for VAT deductions.

About the Team (content provided by Garrigues)

Department profile not yet provided by Garrigues. Please see their firm profile.

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Linklaters - Tax Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for International powerhouse with a compact team of specialists, with notable strength in providing transactional tax advice. Widely appreciated for its international capabilities in multi-jurisdictional matters, with particular experience in matters involving lusophone Africa. Active in complex corporate reorganisations, real estate taxation matters, large capital markets deals and major investments and divestments. Also assists with tax litigation.

Strengths Interviewees praise the team's client service. "We've received a good level of service," a source says, also adding that "the lawyers reply in a timely manner."

Work highlights Advised The Carlyle Group on its acquisition of a 60% stake in the Logoplaste Group from Filipe de Botton and Alexandre Relvas, and on the reorganisation of the group.

Represented Marguerite Adviser in the acquisition of two greenfield projects for the construction and operation of biomass power plants in Portugal.

Notable practitioners

Rui Camacho Palma is a highly experienced tax practitioner advising on domestic and cross-border transactions, with particular expertise in matters involving African jurisdictions. He advises lenders and sponsors on M&A deals and restructuring matters and has a notable track record assisting with tax matters connected with energy and infrastructure projects. Clients laud him as "super accurate and solution-oriented," with further sources praising his "pragmatic advice."

About the Team (content provided by Linklaters)

Linklaters’ Portuguese tax practice is uniquely placed within the national market to combine the expertise of a worldwide, experienced practice with the needs imposed by the market.

Our tax department uses its analytical ability and technical acumen to provide integrated tax advice on the legal and regulatory aspects of our clients’ activities and transactions.

Major corporates rely on our market leading tax advice when planning their group structure, locating their assets and functions, managing their supply chains and dealing with transfer pricing issues.

Either when considering the optimal location for a top holding company, public or private M&A transactions or restructurings, or requiring added-value advisory work or tax litigation support, we provide fully integrated, global tax advice covering all relevant jurisdictions (and not simply a compilation of local tax advice), and also providing assistance on other areas such as company law and regulatory aspects.

Our tax lawyers in Lisbon work seamlessly with our global practice to provide high level and worldwide tax advice. Our tax expertise around the globe enables us to meet clients needs on all aspects of domestic and cross-border advisory, transactional matters and ongoing advice.

We advise on mergers and acquisitions, joint ventures, cross-border transactions, capital markets, banking products, international tax planning, corporate tax and Portuguese real estate tax planning, taking a transaction-by-transaction approach.

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Uría Menéndez - Proença de Carvalho - Tax Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Recognised for providing expert advice on the tax aspects of M&A, real estate and financing transactions. Dedicated wealth management practice serves a stable clientele of high net worth individuals and non-habitual tax residents. Active in capital markets, corporate restructuring, insolvencies and tax litigation proceedings.

Strengths Clients are impressed with the team's advice and service. "My experience with the department has been very good," one reports.

Work highlights Advised Altice on tax matters arising from its EUR440 million acquisition of Grupo Media Capital.

Advised a group of banks including J.P. Morgan Securities and Goldman Sachs International, and acting as underwriters, on Banco Comercial Português's offer of ordinary shares within a share capital increase, valued at a total of EUR1.33 billion.

Notable practitioners

Filipe Romão regularly advises clients on tax matters connected with M&A and real estate transactions and is well versed in international tax planning. His recent highlights include acting for Grupo Pestana in its joint venture with Cristiano Ronaldo for the creation of a new international hotel brand and chain of hotels in Portugal, Spain and the USA.

António Castro Caldas is a valued member of the tax team. A satisfied client praises him as "very proactive and precise in his work" and highlights that "he is always looking for the best option." He is particularly involved in international tax planning matters, insolvency cases and capital markets transactions.

Marta Pontes is described by sources as a "solid, reliable lawyer" and often represents clients in restructuring matters in addition to advising on real estate transactions. Her recent highlights include advising Multi Corporation Group on the tax restructuring of its sale of shares in Multi 38 – Sociedade Imobiliária.

About the Team (content provided by Uría Menéndez - Proença de Carvalho)

General taxation and finance

Our lawyers from the tax practice area have mainly been involved in advising large Portuguese companies on raising funds in capital markets. Our close collaboration with financial entities and other market agents has given rise to the design of innovative financial products that are now commonly used

International taxation

The problems and challenges arising from the application of international double taxation treaties are issues that our lawyers handle on a daily basis

M&A taxation

We work directly with our colleagues from the Mergers and Acquisitions and Private Equity Practice Areas, and have extensive experience in M&A transactions, joint venture agreements, sales and purchases, takeovers, public share offers, IPOs, company restructurings, project finance structures, and private equity

Tax proceedings and litigation

We specialise in both litigious and non-litigious proceedings

Real estate and local taxation

We work very closely with the members of our Real Estate and Planning Practice Areas and have vast experience in the sale and purchase of real estate, the financing of real estate projects and all local taxation matters

Family business taxation

Along with tax advice directly relating to legal structures for the management, our experience in international finance and M&A taxation allows us to offer specialist international legal services to multi-family offices and high net-worth individuals

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VdA - Tax Department

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Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Advises on complex transactional tax matters for a range of clients, including banking syndicates and notable financial institutions. Skilled at handling debt issues and transfers of financial assets. Also offers clientele support from a dedicated financial tax team. Regularly handles international taxation, tax structuring and litigation, as well as indirect taxing.

Strengths Interviewees praise the team's responsiveness and high level of client care. One client appreciates its "prompt and quick replies" and describes the firm as a "very respected player in the market." Further sources hail the team as "very knowledgeable" and add that "the lawyers are always able and available to talk."

Work highlights Advised WiZink on the Portuguese law aspects of the EUR950 million transfer of the Barclaycard insurance mediation portfolio.

Assisted a banking syndicate comprising Banco Português de Investimento, Caixa Banco de Investimento, Novo Banco and Banco BPI as arrangers with the issuance of treasury bonds by the Portuguese Republic, valued at EUR4.45 billion.

Notable practitioners

Tiago Marreiros Moreira heads the firm's tax practice and has a wealth of experience in cross-border tax matters. He regularly advises clients in the healthcare, pharmaceutical and real estate sectors. He recently advised Aupec - AE Energy Consulting on tax-related disputes regarding oil revenues.

A client lauds Conceição Gamito as "very experienced," adding that she provides "strong analysis that covers all the bases." She regularly advises clients on VAT matters.

Joaquim Pedro Lampreia is praised by sources for his "excellent work in tax litigation." He advises companies from a broad range of industries on contentious tax matters. He recently acted for TrustEnergy and TrustWind in the acquisition by TrustWind of the Generg Expansão Group and its wind farm portfolio in a transaction valued at EUR237 million.

Samuel Fernandes de Almeida is a respected tax litigator with experience representing clients before judicial and arbitral courts. He has notable expertise in international taxation matters involving African countries. Of late, he successfully represented two Dutch pension funds in tax litigation proceedings for the recovery of tax paid on dividends obtained in Portugal.

About the Team (content provided by VdA)

At VdA we have a highly specialized tax practice team with an in-depth knowledge of both the Portuguese and Portuguese speaking countries tax environment. We are known for playing the lead role in coordinating advisors in several jurisdictions thus providing our clients with a full added-value service. We advise both national and multinational economic groups, listed companies and other major corporations, financial institutions and investment funds operating in the Portuguese markets, including foundations and private equity investors and work closely with other practice areas across the firm, to offer our clients efficient and creative tax solutions in all areas of business. We advise on
tax optimization, international tax planning, tax structuring of mergers, spin-offs, acquisitions and restructurings, tax planning of financial transactions and products, property taxation and estate planning, fees, customs duties, value added tax and indirect taxes, tax disputes and litigation. We have a high degree of expertise in the field of transfer pricing – our clients are major groups of companies operating in the local market.
For a comprehensive list of the services we provide both internationally and in the Portugal, visit the VdA website for more details: http://vda.pt/en

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Abreu Advogados - Tax Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Robust tax practice increasingly involved in M&A transactions. Handles both domestic and international tax matters, as well as transfer pricing and litigation. Popular choice for VAT, corporate income tax, Golden Visa programmes and non-habitual resident tax issues.

Strengths Sources highlight the team's growing profile in the tax market and describe it as a "dynamic" department.

Notable practitioners

Miguel Teixeira de Abreu is hailed by market observers as "one of the best" tax practitioners in the country, and is described by others as an "excellent lawyer." He provides expert advice on the tax aspects of M&A transactions and corporate restructuring operations.

About the Team (content provided by Abreu Advogados)

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Campos Ferreira, Sá Carneiro & Associados - Tax Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Ascends the ranking this year on the back of strong market feedback. Compact team providing advice on matters connected to financial instruments for international banks. Broad expertise encompasses M&A transactions, tax litigation and wealth management. Practice plays a significant part in tax planning, including pre- and post-transaction reorganisations.

Strengths Clients value the team's ability to understand their needs. "The firm understands what I'm looking for. The lawyers present alternative options without the need for a formal process and over-description," a source reports.

Interviewees also praise the team as "one of the most reputable" in the market.

Notable practitioners

Head of tax António Rocha Mendes offers clients deep expertise in corporate income tax matters as well as M&A transactions. An admiring client reports: "He is technically very strong but very commercial at the same time. He is highly approachable and communicates well."

About the Team (content provided by Campos Ferreira, Sá Carneiro & Associados)

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CMS - Tax Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Well known for advising both Portuguese and international clients on the tax elements of private equity transactions and complex M&A deals. Strong track record in cross-border tax structuring projects involving lusophone Africa. Recognised for impressive VAT knowledge and tax litigation work.

Work highlights Advised Chamartin Inmobiliaria Group on the tax aspects of the restructuring and liquidation of its business in Portugal.

Acted for Explorer Investments in several tax disputes with the Portuguese tax authorities.

Notable practitioners

Patrick Dewerbe has substantial experience advising clients on cross-border tax matters and tax disputes. He has also handled several investment projects in Angola and Mozambique. Of late, he conducted a tax analysis for Cobega Group and its Portuguese subsidiary on its Master Franchise Agreement with Domino's Pizza.

About the Team (content provided by CMS )

Through its Tax area, CMS Portugal aims to accompany its clients in all issues of tax nature, both in day-to-day issues, to meet the Clients’ needs, as well as within a more strategic plan, assuring the follow-up of the national and international expansion, planning the best structure for the clients’ business development.

Our advice is well directed, accurate and immediate in all areas of taxation, among which we would highlight:

  • Tax Litigation and Arbitration
  • International Taxation
  • Corporate Taxation
  • Corporate Reorganisations
  • Real Estate Taxation
  • Intellectual Property Taxation
  • Indirect Taxation – VAT and Excise Duty
  • Tax Benefits and Incentives
  • Individual Taxation
  • Madeira International Business Centre
  • Investment Funds
  • Private Equity – up-stream and down-stream
  • Debt securities and derivatives
  • Structured products
  • International accounting standards

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DLA Piper ABBC - Tax Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Dedicated team that offers both transactional and standalone tax advice. Boasts an impressively varied client roster. Provides comprehensive tax assistance, with particular expertise in the areas of aviation, energy, tobacco and online gambling. Experienced in handling a wide range of tax disputes, including disputes related to VAT claims. Clients benefit from the firm's international network and strong track record handling cross-border matters.

Strengths Interviewees praise the team's commitment and expertise. "I have a very good impression of them," a client reports, adding that the team has "dedicated people" with "lots of know-how."

Work highlights Acted for Sonae Sierra in a EUR2 million dispute with the Municipality of Lisbon regarding waste management charges.

Represented Lufthansa in several lawsuits against the Airport of Lisbon and the Civil Aviation Authority related to airport taxes.

Notable practitioners

António Moura Portugal is praised by market sources as an "excellent tax litigator." He has notable experience advising on tax disputes in highly regulated sectors such as online gambling and tobacco. His clients include a number of airlines. Of late, he assisted Laureate with the tax implications of its internal reorganisation.

About the Team (content provided by DLA Piper ABBC)

DLA Piper ABBC’s tax practice is one of the core areas for the firm, with a substantial stand-alone practice, including non-transactional, transactional and disputes, for a diversified client base, in the domestic market as well as cross border.

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Espanha e Associados - Tax Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Provides tax consulting services to domestic and multinational clients from a broad range of industry sectors as well as high net worth individuals. Diverse client list features insurers, financial institutions and technology companies. Acts on compliance matters and tax litigation.

Strengths Clients are impressed by the team's business acumen, with one praising its "ability to speak in business language."

Interviewees also value the team's attention to detail and ability to provide clear and timely advice. "The lawyers pay attention to details that often make a difference when negotiating," a satisfied client reports, adding: "They always deliver on time and their presentations are crystal clear."

Work highlights Advised Multicert on the restructuring of its remuneration package and related tax aspects.

Notable practitioners

Founding partner João Espanha provides clients with "specific and in-depth knowledge of the Portuguese fiscal legislation." Further interviewees report that "he is very strong in assessing situations and offers effective solutions." He regularly advises companies in the insurance and financial services sectors.

Head of tax Elsa Rodrigues provides clients with the benefit of deep knowledge of international tax regimes in addition to her Portuguese tax expertise. She regularly assists domestic and international companies with corporate income tax issues and tax disputes.

About the Team (content provided by Espanha e Associados)

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RFF & Associados - Sociedade de Advogados, RL - Tax Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Well-reputed boutique with extensive experience handling cross-border matters involving jurisdictions in Africa, Europe and South America. Experienced in VAT and tax litigation. Advises clients across a broad range of industries, including banking, telecommunications and energy.

Strengths Interviewees praise the team members' availability and pragmatic advice. "They are always ready to talk and give very quick answers," a satisfied client reports, adding that "they try to propose balanced solutions."

"We are extremely satisfied with their work and fantastic support," further sources state.

Notable practitioners

Interviewees value Rogério Fernandes Ferreira as "one of the most expert tax lawyers in Portugal." Clients also praise him as a "very sharp" practitioner who is "proactive in all his work." He has considerable experience in international tax planning and litigation.

About the Team (content provided by RFF & Associados - Sociedade de Advogados, RL )

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Ricardo da Palma Borges & Associados - Tax Department

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Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Tax law boutique focusing on both Portuguese and international tax law. Provides wide-ranging expertise, including tax planning and litigation. Offers strong transactional experience and is well versed in income and real estate taxes.

Strengths The firm is acknowledged as an important player in the Portuguese tax market.

Notable practitioners

Market commentators praise Ricardo da Palma Borges as a "very talented tax lawyer." His broad expertise encompasses tax matters arising from corporate reorganisations and incoming investments in Portugal, as well as tax disputes.

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Caiado Guerreiro - Tax Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Advises a varied client roster on tax matters, including investment funds, financial institutions, public entities and high net worth individuals. Well versed in tax matters connected with project finance, M&A and privatisations. Additional areas of expertise include corporate income tax, excise duties and stamp duty issues.

Strengths Clients highlight the team's dedication and the quality of its work: "I thought the department's analysis was helpful and very good," one reports.

Further sources praise the team as "commercial and approachable."

Work highlights Assisted Orthogon with the preparation of its Transfer Pricing Report regarding several agreements executed between related companies and valued at around EUR48 million.

Notable practitioners

Tiago Caiado Guerreiro advises multinational companies and high net worth individuals on a broad spectrum of tax matters. He is particularly well versed in transfer pricing and securitisation issues.

About the Team (content provided by Caiado Guerreiro)

The optimisation of client investments from a taxation point of view provides a core basis of the Tax practice department, together with the support of an experienced tax litigation team.

Our tax specialists, including expert Tiago Caiado Guerreiro, author of the book “O Novo Regime Fiscal das SGPS” (The New Tax Treatment of Portuguese Holdings) advise on tax reorganizations for some of the largest companies and high net worth individuals, in different areas such as industrial and commercial companies, financial institutions, investment funds, and public entities.

Moreover, the Tax practice provides complementary advice in connection with M&A, project finance and privatisation transactions handled by the firm.

With one of the largest tax law departments in Portugal, Caiado Guerreiro provides advice on all taxes, in particular corporate income tax, personal income tax, VAT, excise duties, and stamp duty and on issues ranging from transfer pricing to double taxation. Tax litigation, both at an administrative or judicial level, is one of the main areas of the department, whose activity and importance is reflected on the high success rate achieved. The Lawyers’ legal advice is often solicited, with several of our tax team lawyers being assigned to the committees in charge of developing new framework of taxation.



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RRP Advogados - Tax Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Team enters the rankings this year on the back of strong market feedback. Skilfully advises on the tax implications of corporate restructurings and M&A transactions. Further areas of strength include tax planning and disputes.

Strengths Interviewees praise the team as "very proactive and industrious."

Work highlights Acted for SECIL in a case before the ECJ related to tax levied on dividends distributed to a Portuguese parent company from its non-EU subsidiaries.

Advised Acciona on several property tax disputes, including disputes related to the group's investments in wind and photovoltaic plants.

Notable practitioners

Ricardo Reigada Pereira has a strong track record advising clients on the tax aspects of corporate reorganisations and M&A transactions. "He really impressed us with the legal depth of his analysis and strategy," clients report. Further sources praise his "remarkable mind." He recently advised Aberdeen Asset Management on tax structuring matters arising from four sale and leaseback deals valued at EUR35 million.

About the Team (content provided by RRP Advogados)

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SRS Advogados - Tax Department

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Band 4

第四等

Chambers Commentary (based on the Chambers research)

What the team is known for Offers a comprehensive service to domestic and international clients on tax matters regarding financial products, privatisations, securitisations and international transactions. Recognised for its expert handling of tax disputes and tax planning. Growing practice for real estate and non-habitual residents matters.

Work highlights Assisted Belthema with tax structuring matters related to its acquisition of 27 properties in the centre of Portugal.

Advised Grupo Hotusa on the tax structure of its EUR7.9 million acquisition of a building in the centre of Lisbon.

Notable practitioners

João Maricoto Monteiro advises clients on a wide range of tax disputes in addition to handling corporate restructurings and the tax aspects of real estate transactions. He recently acted for Vinomatos in arbitration proceedings to challenge tax assessments for 2011, 2012 and 2013 conducted by the tax authorities.

José Pedroso de Melo advises domestic and international entities as well as high net worth individuals on a broad range of transactional tax matters. Clients appreciate that he is "always willing to help and find solutions." His recent highlights include advising the Connecta Avanzia Group on a tax arbitration related to corporate income tax and VAT issues.

Paula Rosado Pereira's broad expertise ranges from restructurings and M&A to tax litigation and due diligence. Clients hail her as a "great team leader." "She is very competent and knows tax well," interviewees also report.

About the Team (content provided by SRS Advogados)

SRS Advogados' tax team has extensive experience in providing legal advice on Portuguese and international tax law ma-ers.

The team consists of lawyers with expertise in Portuguese taxation and international tax law and is organised into the areas of consultancy and litigation. We provide support on daily corporate tax ma-ers, as well as transactional tax advice on all aspects of Portuguese taxation, including corporate income tax (IRC), excise duties, individual income tax (IRS), international tax law, property taxes, stamp tax and VAT.

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Overview

Located on the south-west Atlantic coast of Europe, Portugal is a strategic platform for African Portuguese-speaking countries, Brazil and Latin America, and an excellent gateway to these wider markets. As an EU Member State and part of the Eurozone, Portugal benefits from open, tariff-free trade with all 28 EU Member States, and from free movement of labour, services and capital. In addition, Portugal offers outstanding national and international accessibility through highly developed infrastructure, logistics and IT communications networks.

Portugal boasts an extremely friendly business environment, characterised as stable, simple and with low bureaucracy. This makes it one of the easiest places to start a business, while it is also a premium tourism and real estate location, and one of the EU-leading countries in R&D and new technologies. There are no restrictions on foreign investment in Portugal as the Portuguese system is based on non-discrimination with regard to the national origin of investment (thus, no distinctions are made between foreign-owned and Portuguese-owned companies).

Simplification programmes that have been implemented over the last decade are contributing significantly to making Portugal attractive to businesses and citizens. The SIMPLEX programme was created by the government to make everyday life easier for resident and foreign individuals and companies by cutting red tape, reducing compliance costs and using ICT (Information and Communication Technology) to deliver better public services – most of which have been made available online.

Another great selling point for Portugal is its talented, flexible and highly qualified, generally English-fluent workforce, which still boasts attractive labour costs.

The Portuguese tax system, which follows most OECD guidelines and is in line with the majority of its European counterparts, offers attractive tax free exit solutions for the remittance of profits, investment income and capital gains under the EU Parent-Subsidiary Directive and the EU Royalties and Interest Directive. It also offers an extensive tax treaty network covering over 70 territories.

At the domestic level, following the 2014 tax reform, the standard corporate income tax rate dropped to 21%, and a reduced 17% rate applies to the first EUR15,000 of taxable income for small-medium sized companies. This represents a considerably lower tax burden on companies’ profit than in other European countries. Besides this, corporate investors can also benefit from a highly competitive participation exemption regime (dividends and capital gains), foreign tax credit relief and a nominal interest deduction for share capital.

Furthermore, Portuguese domestic rules exempt capital gains made on the transfer of securities (except shares in real estate companies), with investment income and capital gains from listed debt securities also exempt, provided, in both cases, that the beneficiaries are not domiciled in blacklisted jurisdictions and that the beneficiaries are not directly or indirectly held by Portuguese residents above certain percentages.

The new tax rules for the Madeira Free Trade Zone are another potential attraction. These rules provide that, subject to meeting certain conditions, companies licensed before 31 December 2020 will benefit from a corporate income tax rate of 5% up to 31 December 2027.

A range of tax incentives are also available for urban renewal, R&D expenses and investment projects deemed to be of interest to the country’s economic development and the reduction of regional imbalances. In addition, there is also a wide range of incentives for companies that are looking to invest in Portugal. These include incentives for Productive Investment and Research & Development Investment (such as financial incentives – Portugal 2020 – and tax incentives – provided for in the Investment Tax Code), incentives for job creation and a Patent Box regime. Portugal has also been the place for several important international events, like the Web Summit (2016 and 2017), which are contributing to a shift in perception - making Portugal the base for a growing number of start-ups that are looking for a perfect place to set up their business. In fact, there are several incentive programmes for start-ups including “soft loans” and co-investments in innovative and tech start-ups by the government, along with contributions from EU funds.

At an individual level, Portugal provides for a low effective tax burden, complemented by a special taxation scheme for non-habitual residents. This scheme allows individual taxpayers who become Portuguese tax residents – provided they have not been taxed as such in the previous 5 years – to be exempt from tax on foreign-sourced income in general. Beneficiaries of the scheme also enjoy (i) a reduced 20% rate on employment and self-employment income from high value-added work done in Portugal, applicable for a 10-year period, (ii) the free remittance of funds (inbound or outbound), (iii) no wealth tax, (iv) the recognition of trusts for tax purposes, (v) the harmonisation of the tax rate applicable to dividends, interest and capital gains (set at 28%), and (vi) an accessible residence permit regime (a gateway to the Schengen zone). Portugal also offers the Golden Visa Programme, a fast track for foreign investors from non-EU countries to obtain a fully valid Portuguese residence permit, which also allows free movement within the Schengen Area. This framework has been turning Portugal into the top choice for high net-worth individuals within the European Union.

Finally, the main goals of the implementation of a tax arbitration system in 2011, which was designed to achieve a quicker resolution of any tax disputes, have been fully achieved.

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Eminent Practitioner

Rui Barreira, Magalhães Correia, Teresa Carregueiro e Gorjão Henriques

From the Chambers Europe guide

Rui Barreira of Rui Barreira, Magalhães Correia, Teresa Carregueiro e Gorjão Henriques is a long-standing tax expert in Portugal. He provides clients with expert advice on tax planning and income tax in addition to handling tax litigation.

^ See whole ranking table

Eminent Practitioner

António Lobo Xavier

Morais Leitão, Galvão Teles, Soares da Silva & Associados, SP, RL.

From the Chambers Europe guide

António Lobo Xavier is hailed by sources for his "authority and knowledge" in the tax sector. He regularly advises multinational companies in the finance and telecommunications sectors and is well versed in matters including double taxation treaties, VAT and corporate income tax. He recently represented Jerónimo Martins in several tax litigation cases concerning corporate income tax.

^ See whole ranking table

Eminent Practitioner

Miguel Teixeira de Abreu

Abreu Advogados

From the Chambers Europe guide

Miguel Teixeira de Abreu is hailed by market observers as "one of the best" tax practitioners in the country, and is described by others as an "excellent lawyer." He provides expert advice on the tax aspects of M&A transactions and corporate restructuring operations.

^ See whole ranking table

Band 1

Rui Camacho Palma

Linklaters

From the Chambers Europe guide

Rui Camacho Palma is a highly experienced tax practitioner advising on domestic and cross-border transactions, with particular expertise in matters involving African jurisdictions. He advises lenders and sponsors on M&A deals and restructuring matters and has a notable track record assisting with tax matters connected with energy and infrastructure projects. Clients laud him as "super accurate and solution-oriented," with further sources praising his "pragmatic advice."

^ See whole ranking table

Band 1

Fernando Castro Silva

Garrigues

From the Chambers Europe guide

Fernando Castro Silva is hailed by interviewees as a "very skilled practitioner" and "expert in tax cases." He has deep knowledge of the full spectrum of tax legislation and is particularly well versed in M&A, restructuring and real estate taxation matters. Sources also praise him as "strong-minded and skilful." His recent highlights include advising on tax issues connected with the EUR150 million combination of the JD Group’s existing businesses in Iberia and JD Sprinter with Sport Zone’s business.

^ See whole ranking table

Band 1

Francisco de Sousa da Câmara

Morais Leitão, Galvão Teles, Soares da Silva & Associados, SP, RL.

From the Chambers Europe guide

Head of the Lisbon tax group Francisco de Sousa da Câmara is a regular adviser to prominent domestic companies and multinationals, and also assists high net worth individuals with a variety of tax issues. His recent highlights include acting for Somincor on a corporate income tax dispute.

^ See whole ranking table

Band 1

Rogério M Fernandes Ferreira

RFF & Associados - Sociedade de Advogados, RL

From the Chambers Europe guide

Interviewees value Rogério Fernandes Ferreira as "one of the most expert tax lawyers in Portugal." Clients also praise him as a "very sharp" practitioner who is "proactive in all his work." He has considerable experience in international tax planning and litigation.

^ See whole ranking table

Band 1

Diogo Ortigão Ramos

Cuatrecasas

From the Chambers Europe guide

Clients praise Diogo Ortigão Ramos as a "great strategist," with further sources commending his "very proactive way of delivering services." His broad-ranging expertise encompasses tax disputes and transactional matters, and he is experienced in handling cross-border matters. He acted for DHL Extress Portugal on a dispute in the Portuguese courts related to yearly postal services regulatory fees.

^ See whole ranking table

Band 1

Uría Menéndez - Proença de Carvalho

From the Chambers Europe guide

Filipe Romão regularly advises clients on tax matters connected with M&A and real estate transactions and is well versed in international tax planning. His recent highlights include acting for Grupo Pestana in its joint venture with Cristiano Ronaldo for the creation of a new international hotel brand and chain of hotels in Portugal, Spain and the USA.

^ See whole ranking table

Band 2

Serena Cabrita Neto

PLMJ Lawyers

From the Chambers Europe guide

An experienced tax litigator, Serena Cabrita Neto is lauded by clients for her "commitment" and "capacity to interact with different partners." Further interviewees praise her as a "proactive, detail-oriented problem-solver." She regularly represents major Portuguese and international clients in tax disputes. She recently co-advised the Lear Corporation on a dispute with the Portuguese Tax and Customs Authority relating to a 2004 corporate tax assessment.

^ See whole ranking table

Band 2

Nuno da Cunha Barnabé

PLMJ Lawyers

From the Chambers Europe guide

Head of tax Nuno da Cunha Barnabé earns "great respect and admiration" from clients for his expertise in tax matters, while further sources commend him as a "fantastic tax lawyer." He is particularly experienced in providing tax advice to high net worth individuals, and has deep expertise in the tax ramifications of M&A transactions.

^ See whole ranking table

Band 2

Ricardo da Palma Borges

Ricardo da Palma Borges & Associados

From the Chambers Europe guide

Market commentators praise Ricardo da Palma Borges as a "very talented tax lawyer." His broad expertise encompasses tax matters arising from corporate reorganisations and incoming investments in Portugal, as well as tax disputes.

^ See whole ranking table

Band 2

CMS

From the Chambers Europe guide

Patrick Dewerbe has substantial experience advising clients on cross-border tax matters and tax disputes. He has also handled several investment projects in Angola and Mozambique. Of late, he conducted a tax analysis for Cobega Group and its Portuguese subsidiary on its Master Franchise Agreement with Domino's Pizza.

^ See whole ranking table

Band 2

Espanha e Associados

From the Chambers Europe guide

Founding partner João Espanha provides clients with "specific and in-depth knowledge of the Portuguese fiscal legislation." Further interviewees report that "he is very strong in assessing situations and offers effective solutions." He regularly advises companies in the insurance and financial services sectors.

^ See whole ranking table

Band 2

Gonçalo Leite de Campos

Gonçalo Leite de Campos & Associados

From the Chambers Europe guide

Gonçalo Leite de Campos of Gonçalo Leite de Campos & Associados is singled out for his strength in handling tax disputes. Market commentators praise him as a "very prolific lawyer."

^ See whole ranking table

Band 2

Tiago Marreiros Moreira

VdA

From the Chambers Europe guide

Tiago Marreiros Moreira heads the firm's tax practice and has a wealth of experience in cross-border tax matters. He regularly advises clients in the healthcare, pharmaceutical and real estate sectors. He recently advised Aupec - AE Energy Consulting on tax-related disputes regarding oil revenues.

^ See whole ranking table

Band 2

António Moura Portugal

DLA Piper ABBC

From the Chambers Europe guide

António Moura Portugal is praised by market sources as an "excellent tax litigator." He has notable experience advising on tax disputes in highly regulated sectors such as online gambling and tobacco. His clients include a number of airlines. Of late, he assisted Laureate with the tax implications of its internal reorganisation.

^ See whole ranking table

Band 2

António Rocha Mendes

Campos Ferreira, Sá Carneiro & Associados

From the Chambers Europe guide

Head of tax António Rocha Mendes offers clients deep expertise in corporate income tax matters as well as M&A transactions. An admiring client reports: "He is technically very strong but very commercial at the same time. He is highly approachable and communicates well."

^ See whole ranking table

Band 3

Pedro Miguel Braz

Garrigues

From the Chambers Europe guide

Pedro Miguel Braz is regularly sought out for his tax expertise by clients in the financial, corporate and real estate areas. "I absolutely enjoy working with him due to his technical skills," a client reports, adding: "The way we work together and combine our knowledge is extremely productive and efficient." He recently acted for Barlis 06 on a dispute brought before the ECJ and National Court and related to invoicing requirements for VAT deductions.

^ See whole ranking table

Band 3

Tiago Caiado Guerreiro

Caiado Guerreiro

From the Chambers Europe guide

Tiago Caiado Guerreiro advises multinational companies and high net worth individuals on a broad spectrum of tax matters. He is particularly well versed in transfer pricing and securitisation issues.

^ See whole ranking table

Band 3

Tânia de Almeida Ferreira

Cuatrecasas

From the Chambers Europe guide

Tânia de Almeida Ferreira acts on a variety of tax matters ranging from corporate restructuring to international tax planning. Market observers praise her as a "very transparent and straightforward" practitioner.

^ See whole ranking table

Band 3

António Fernandes de Oliveira

AFDO-adv

From the Chambers Europe guide

António Fernandes de Oliveira of AFDO-adv advises companies across a broad range of sectors, including banking, media and telecommunications. He is particularly skilled in tax litigation and arbitration.

^ See whole ranking table

Band 3

Conceição Gamito

VdA

From the Chambers Europe guide

A client lauds Conceição Gamito as "very experienced," adding that she provides "strong analysis that covers all the bases." She regularly advises clients on VAT matters.

^ See whole ranking table

Band 3

Joaquim Pedro Lampreia

VdA

From the Chambers Europe guide

Joaquim Pedro Lampreia is praised by sources for his "excellent work in tax litigation." He advises companies from a broad range of industries on contentious tax matters. He recently acted for TrustEnergy and TrustWind in the acquisition by TrustWind of the Generg Expansão Group and its wind farm portfolio in a transaction valued at EUR237 million.

^ See whole ranking table

Band 3

João Magalhães Ramalho

PLMJ Lawyers

From the Chambers Europe guide

João Magalhães Ramalho provides advice on corporate tax cases, M&A transactions and tax matters related to corporate restructurings. He regularly assists Italian clients with their Portuguese operations.

^ See whole ranking table

Band 3

Ricardo Reigada Pereira

RRP Advogados

From the Chambers Europe guide

Ricardo Reigada Pereira has a strong track record advising clients on the tax aspects of corporate reorganisations and M&A transactions. "He really impressed us with the legal depth of his analysis and strategy," clients report. Further sources praise his "remarkable mind." He recently advised Aberdeen Asset Management on tax structuring matters arising from four sale and leaseback deals valued at EUR35 million.

^ See whole ranking table

Band 3

PLMJ Lawyers

From the Chambers Europe guide

Miguel Reis is recognised for his work in both domestic and international taxation matters, advising ultra high net worth individuals and companies in sectors including financial services and real estate.

^ See whole ranking table

Band 3

Pedro Vidal Matos

Cuatrecasas

From the Chambers Europe guide

Pedro Vidal Matos has considerable experience representing clients in tax-related disputes in domestic and international courts. He is commended by interviewees for his "ability to provide feasible solutions for the specific problems at hand" and recentlyrepresented National Air Cargo in a dispute before the Portuguese tax authorities arising from a corporate income tax assessment of over EUR2 million on a USD100 million loan that the client received from its subsidiary in Dubai.

^ See whole ranking table

Band 4

António Castro Caldas

Uría Menéndez - Proença de Carvalho

From the Chambers Europe guide

António Castro Caldas is a valued member of the tax team. A satisfied client praises him as "very proactive and precise in his work" and highlights that "he is always looking for the best option." He is particularly involved in international tax planning matters, insolvency cases and capital markets transactions. 

^ See whole ranking table

Band 4

Miguel Durham Agrellos

Durham Agrellos

From the Chambers Europe guide

Miguel Durham Agrellos of Durham Agrellos leads the firm's tax practice in Porto and provides clients with expert advice on tax litigation and arbitration. He is also well versed in advising clients on wealth management.

^ See whole ranking table

Band 4

Samuel Fernandes de Almeida

VdA

From the Chambers Europe guide

Samuel Fernandes de Almeida is a respected tax litigator with experience representing clients before judicial and arbitral courts. He has notable expertise in international taxation matters involving African countries. Of late, he successfully represented two Dutch pension funds in tax litigation proceedings for the recovery of tax paid on dividends obtained in Portugal.

^ See whole ranking table

Band 4

João Maricoto Monteiro

SRS Advogados

From the Chambers Europe guide

João Maricoto Monteiro advises clients on a wide range of tax disputes in addition to handling corporate restructurings and the tax aspects of real estate transactions. He recently acted for Vinomatos in arbitration proceedings to challenge tax assessments for 2011, 2012 and 2013 conducted by the tax authorities.

^ See whole ranking table

Band 4

João Marques Pinto

pbbr - Sociedade de Advogados, RL

From the Chambers Europe guide

João Marques Pinto of pbbr - Sociedade de Advogados, RL is highly experienced in tax planning and litigation. He also advises on corporate income tax restructurings and the tax aspects of M&A transactions. Of late, he assisted Group RRE with tax matters related to its restructuring in Portugal.

^ See whole ranking table

Band 4

José Pedroso de Melo

SRS Advogados

From the Chambers Europe guide

José Pedroso de Melo advises domestic and international entities as well as high net worth individuals on a broad range of transactional tax matters. Clients appreciate that he is "always willing to help and find solutions." His recent highlights include advising the Connecta Avanzia Group on a tax arbitration related to corporate income tax and VAT issues.

^ See whole ranking table

Band 4

Paula Rosado Pereira

SRS Advogados

From the Chambers Europe guide

Paula Rosado Pereira's broad expertise ranges from restructurings and M&A to tax litigation and due diligence. Clients hail her as a "great team leader." "She is very competent and knows tax well," interviewees also report.

^ See whole ranking table

Band 4

Uría Menéndez - Proença de Carvalho

From the Chambers Europe guide

Marta Pontes is described by sources as a "solid, reliable lawyer" and often represents clients in restructuring matters in addition to advising on real estate transactions. Her recent highlights include advising Multi Corporation Group on the tax restructuring of its sale of shares in Multi 38 – Sociedade Imobiliária.

^ See whole ranking table

Band 4

Espanha e Associados

From the Chambers Europe guide

Head of tax Elsa Rodrigues provides clients with the benefit of deep knowledge of international tax regimes in addition to her Portuguese tax expertise. She regularly assists domestic and international companies with corporate income tax issues and tax disputes.

^ See whole ranking table

Band 4

Morais Leitão, Galvão Teles, Soares da Silva & Associados, SP, RL.

From the Chambers Europe guide

Praised by market sources as a "very good lawyer,"Bruno Santiago has considerable experience advising prominent national and international corporations on tax matters related to divestment strategies. He enjoys a solid client base in the banking sector. He recently assisted Tabaqueira with the revaluation of its assets tax.

^ See whole ranking table