Tax Report for Portuguese Residents

etoro doesn’t provide tax advice. Any data reported in the tax report is strictly for informational purposes only and it isn’t intended as a tax declaration or as a substitute for legal advice. We strongly advise you to verify the tax report with your tax advisor.

On this page, you will find information about tax reporting in Portugal. etoro Club members living in Portugal can generate a tax report based on the previous financial year’s investment activity on the etoro platform, structured in accordance with local tax guidelines.

Select a question to go directly to that topic:

1. What should I be aware of when reporting taxes in Portugal?
2. What does the Portuguese Tax Authority consider taxable?
3. How are capital gains calculated in Portugal?
4. Why are the capital gains between the etoro account statement and the tax report different?
5. What are the required Portuguese tax forms and where can I download them?
6. Can I use the etoro tax report as a basis for filling out official tax forms?
7. Section 8 - Capital Income
8. Section 9.2A - Reporting of securities
9. Section 9.2B - Reporting of derivatives and financial contracts
10. Section 9.4A - Reporting of cryptoassets
11. Section 11 - Reporting of foreign accounts

What should I be aware of when reporting taxes in Portugal?

• The tax year is from 1 January to 31 December.
• The report can be submitted in electronic and paper format.
• The deadline for the tax assessment is 30 June. It can be submitted as early as 1 April. Extensions may be allowed until 31 December for foreign income.
• The reporting currency is Euro (EUR).

What does the Portuguese Tax Authority consider taxable?

• Income: This includes dividends, interest, other investment income, and income from crypto assets.
• Capital Gains: Capital gains from securities and derivatives. As of 2023, capital gains from crypto assets that are held for less than 365 days are included.
• Wealth: There is no wealth tax. Foreign deposits need to be identified.

This list is not exhaustive.

How are capital gains calculated in Portugal?

The capital gain/loss on an asset can be calculated by subtracting the cost basis (purchase price) and any associated fees of an asset from the value of the asset when it was sold.

If many positions are held on the same asset, bought at different prices, calculating a cost basis can be achieved with different methods. In Portugal, the asset type determines the method that must be used.

• For securities, the ‘First in, first out’ (FIFO) method is used.
• For CFDs, specific lot identification is used.

For details on these methods, visit our article on cost basis.

If an asset held for more than two years is sold, acquisition costs may be updated with the annual coefficients published by the Portuguese Tax Authority. This topic is displayed in the report for information purposes but is automatically updated by the Portuguese Tax Authority.

Why are the capital gains between the etoro account statement and the tax report different?

You may notice differences between your etoro account statement and your etoro tax report. These can be attributed to the different methods used to calculate capital gains.

• Account statement reporting method: Specific lot identification
• Tax report reporting method:
• For securities: First in, first out (FIFO)
• For CFDs: Specific lot identification

Additionally, to calculate the financial data presented in the tax report, the values of the positions are converted from USD to EUR at the time of the positions’ opening and closing using the exchange rate at the time of closure. This conversion process may result in a further difference in the end value between the account statement and the tax report.

What are the required Portuguese tax forms and where can I download them?

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

• Section 8
• Capital 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.
• Section 9.4
• Capital gains from crypto assets are reported in section 9.4A.
• Section 11
• Accounts held in foreign countries must be reported in section 11 of Modelo 3 Anexo J. They must be identified via IBAN/BIC or any other identifier (e.g. account number).

You can download the form here.

Can I use the etoro tax report as a basis for filling out official tax forms?

The etoro tax report may be used as a basis for completing certain sections of the official form. We have included screenshots below of both the official form, Modelo 3 Anexo J, and the etoro tax report to illustrate where corresponding figures can be located.

The coloured boxes from the tax report screenshots correlate to the same coloured boxes in the screenshots from the official tax form.

The information on this page should not be used as a guide on how to fill in your tax return. Please review the official notes on the tax forms and consult your independent tax advisor for questions.

Section 8 - Capital Income

etoro Tax Report

Each row in section 8 of the etoro tax report must be included in the official form. In the example below, from the etoro tax report, the values for the first row are displayed how they should be reported in the official form.

Official Form

Below is a screenshot from the official form showing where the information above should be entered.

If you use the paper format to declare the amounts, the total amounts must also be included in the official form, as shown in the screenshots below.

etoro Tax Report

Official Form

The codes displayed in the report are the same as the ones published in the official guidelines. Here is the official guide on which code to use:

In the past, some taxpayers were notified that it was not possible to use 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 this 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.

Section 9.2A - Reporting of securities

etoro Tax Report

Each row represents one closing transaction, triggering a taxable capital gain/loss. In the example below, from the etoro tax report, the values are displayed how they should be reported in the official form.

Official Form

Below is a screenshot from the official form showing where the information above should be entered.

Again, if the paper format is used, the total amounts should be filled in, as shown in the examples of the etoro tax report and the official form below.

etoro Tax Report

Official Form

Section 9.2B - Reporting of derivatives and financial contracts

The netted capital gain from the financial contracts is reported in section 9.2B. The capital gain is calculated with the same rules used for other securities: proceeds – acquisition costs – (selling and acquisition fees).

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

etoro Tax Report

Official Form

In the paper form, the sums should be included too, as shown in the examples of both the etoro tax report and the official form below.

etoro Tax Report

Official Form

Section 9.4A - Reporting of cryptoassets

As of the fiscal year 2023, disposals from cryptoassets held for less than 365 days must be reported in section 9.4A.

etoro Tax Report

Below is an example from the relevant section in the etoro tax report showing two crypto position closures.

Official Form

Below is the corresponding section in the official form where details of the cryptoassets can be entered.

Section 11 - Reporting of foreign accounts

Portuguese taxpayers need to provide information about accounts held in foreign accounts. They are normally identified via IBAN and BIC.

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.

etoro Tax Report

Below is the section in the etoro Tax report which has the IBAN and BIC.

Official Form

Below is the relevant section in the official form, with the corresponding coloured boxes showing where to enter the above information.