Klisiaris & Klissiaris Lda Tax Solutions Portugal s State Budget for 2014 Personal Income Tax Highlights
Klisiaris & Klissiaris Lda Tax Solutions Contents Section Page Personal Income Tax...3 Social Security...14 Blacklisted Jurisdictions...17 Klisiaris & Klissiaris Lda State Budget 2014 2
Klisiaris & Klissiaris Lda Tax Solutions Personal Income Tax Klisiaris & Klissiaris Lda State Budget 2014 3
Income tax brackets, rates and allowances The personal income tax brackets, rates and allowances remain unchanged for 2014. The brackets and rates for 2013 and 2014 are shown in the table below. Progressive Tax Rates (excluding extraordinary and solidarity rates) 2013 and 2014 Taxable income (Euros) Tax rate (%) Deductible amount (Euros) Up to 7 000 14.50% 0 From 7 000 to 20 000 28.50% 980 From 20 000 to 40 000 37.00% 2 680 From 40 000 to 80 000 45.00% 5 880 Above 80 000 48.00% 8 280 Extraordinary tax All Portuguese tax residents will again be subject to an extraordinary tax of 3.5% on the part of their total aggregated income that exceeds the national minimum annual salary per taxpayer. The national minimum annual salary for 2013 and 2014 remains at 6,790 Euros (14 x National Minimum Wage of 485 Euros per month). This extraordinary tax will also apply to some types of income subject to special tax rates, for example, salary and self-employed income of Non-Habitual Residents in Portugal, unjustified increases in wealth, and investment income from blacklisted jurisdictions. Additional solidarity rate There is an additional solidarity rate of 2.5% for taxpayers with taxable income above 80,000 Euros in 2013 and 2014. In addition, taxpayers with taxable income above 250,000 Euros in 2013 and 2014 will pay the additional solidarity tax at a rate of 5% on the amount above 250,000 Euros. Income tax rates for each category of income The table on page 8 summarises the IRS withholding tax rates (retention at source) for each category of income earned in Portugal, payable on account of the final tax liability. It also shows the flat rate taxes applicable for certain categories of income if the isolation option is chosen, as well as the rates applicable for non-residents. Evidence of wealth The difference between the income declared by the taxpayer and the reference income, as stated in the table of manifestation of wealth, remains at 30%. Where there is unjustified increases in wealth with a value of higher than 100 000 Euros, then a flat rate of tax of 60% will be applied. Klisiaris & Klissiaris Lda State Budget 2014 4
Employment income (Category A) The provision of health insurance by an employee for the benefit of its employees and their families is no longer considered as taxable employment income, as long as the benefit is generally available to all employees. For non-resident taxpayers earning a Portuguese salary, tax will be withheld at a rate of 25% for 2014. Simplified Regime - Self-employed income (Category B) The limit to qualify for the Simplified Regime for self-employed individuals has increased from a gross annual self-employed income of 150 000 Euros in 2013 to 200 000 Euros in 2014. For 2014, the co-efficiencies used to determine the taxable income have been revised as follows: 4% - in the case of i) the sale of goods, and ii) services rendered under the activities of hotels and alike, food and beverages. 75% - of income from professional activities listed in Article 151º of the IRS code. 10% - for i) the remaining services not listed above, and ii) business related subsidies (excluding non-operating grants). 95% - for income from intellectual or industrial property, know-how and other income (investment income, capital gains, and rental income) obtained in connection with the selfemployed activity. In 2013, the co-efficiencies were: 20% - in the case of i) the sale of goods, and ii) services rendered under the activities of hotels and alike, food and beverages. 75% - of all other activity income under this regime. Organised accounting regime Autonomous taxation (Category C) Expenses relating to passenger or mixed vehicles, including fuel, parking, maintenance, insurance, leasing payments, depreciation, tax and interest, incurred by individuals who are in the organised accounting regime in the course of their self-employed activity are subject to autonomous taxation. The rate of autonomous tax (independent of the level of CO 2 emissions) is: 10% where the acquisition cost of the vehicle is less than 20 000 Euros. 20% where the acquisition cost of the vehicle is equal to or more than 20 000 Euros. Non-habitual residents The income of categories A (employees) and B (income from business and professional activities), obtained by individuals that qualify as non-habitual residents and develop high value-added activities, are liable to withholding tax at a rate of 20%. Klisiaris & Klissiaris Lda State Budget 2014 5
Investment income (Category E) The withholding taxes applicable to investment income derived in Portugal are: Dividends 28%. Interest 28%. The above rates are also applicable if a resident taxpayer isolates these types of income (i.e. chooses the option of não englobamento) in their tax return. Investment income paid or made available to recipients resident in Portuguese territory by non-resident entities that do not have a permanent establishment in Portuguese territory and are domiciled in a blacklisted jurisdiction are liable to a tax rate of 35%. A list of blacklisted jurisdictions is set out on page 18 and includes countries such as the Isle of Man, Jersey, Guernsey and Gibraltar. Rental income (Category F) Residents in Portugal may include this income in their total aggregated income and thus have it taxed under the normal progressive tax brackets, or they can isolate it and have it taxed at a flat rate of 28%. Non-residents will be taxed at a flat rate of 28% on rental income derived in Portugal. If they are EU or EEA residents, there is an option to be taxed under the progressive tax brackets applicable for residents, rather than at the flat rate of 28%, but this is subject to the criteria set out on page 7. Article 41º of the IRS Code specifies that only the following expenses are deductable from rental income: IMI (council rates). Condominium. Repairs and maintenance (the tax inspectors usually allow cleaning services, pool and garden maintenance, but not laundry or utilities). Buildings insurance where the property is situated in an apartment block. Stamp duty is deductible from the associated rental income (e.g. where a long-term rental contract is registered at the tax office). IRS retention at source on rental income is 25%. Capital gains on sale of property (Category G) Non-residents will be taxed at 28% on the capital gain arising from the sale of their property in Portugal. Capital gains on sale of shares (Category G) If capital gains are isolated, rather than taxed under the progressive tax brackets, the flat rate of tax will be 28% for residents. The rate for non-residents is 28%, although for 2014 EU or EEA residents can opt to have these gains taxed under the progressive tax brackets applicable for residents (see page 7). The definition of capital gains will include the income from the extinction or surrender of shares and other forms of capital arising from a merger, demerger or acquisition. Klisiaris & Klissiaris Lda State Budget 2014 6
Proceeds from a company s liquidation From 2014 onwards, the proceeds from the liquidation of a company will be considered as capital gains (Category G). Previously, depending on the circumstances, this nature of income was either considered as capital gains or as investment income (Category E). Pensions (Category H) The maximum state/non-private pension deduction is 4 104 Euros per taxpayer. For pensions above, 22 500 Euros, there is still a reduction of 20% on the difference between the pension earned and 22 500 Euros. Optional regime for residents of other EU or EEA countries Income from Categories E, F and G (Income from Capital, Rental Income and Capital Gains) is now included in the optional regime for residents of other European Union (EU) or European Economic Area (EEA) countries (provided there is a mechanism for the exchange of tax information). Previously, it was just Categories A, B and H (Employment, Self-Employment and Pensions). This optional regime allows such nonresidents who obtain income from a Portuguese source to be taxed under the rules applicable to residents, as long as more than 90% of the individual s income is obtained in Portugal. Tax residence certificates to stop withholding tax for non-residents The necessary formalities have been relaxed when making an application to stop and/or claim a refund of the tax deducted at source for non-residents pursuant to a Convention to Avoid Double Taxation. Previously, forms Modelo 21 RFI and 24 RFI respectively, certified by the tax authorities of the country of residence of the individual, were required. For 2014, the taxpayer may: Present these forms certified by the competent tax authority of their respective country of residence, or Present these forms without being certified by the foreign tax authorities, provided that a certificate of residence issued by the competent authorities is presented together with these forms. In addition, where there is no Double Tax Treaty in force, the request to stop or refund withholding tax can still be made, provided that this results from other international treaties or the applicable internal legislation. It is further clarified that, where this option is to be exercised, the general tax rates provided in table nº 1 of Article 68º of the IRS code will apply (previously, the law referred to the average rate). Klisiaris & Klissiaris Lda State Budget 2014 7
Withholding tax rates applicable for Residents and Non-Residents for income derived in Portugal 2013 and 2014 Income source Category Resident Note Non-Resident Note Tax % Tax % Employment income A 14.5 to 48 (1) 25 Commission B 25 (1) (2) 25 Self-employed income B 11.5/25 (1) (3) 25 Rental of equipment E 16.5 (1) (4) 25 (9) Royalties B/E 16.5 (1) (4) 25 (9) Dividends E 28 (5) (6) (7) (7) 28 (8) (10) (9) Interest E 28 (6) (7) (7) 28 (8) (10) (9) Other investment income E 16.5 (1) (4) 28 (9) Rental income F 28 (2) (10) 28 (2) Capital gains on shares G 28 (10) 28 Capital gains on property G 14.5 to 48 (1) (11) 28 Pensions H 14.5 to 48 (1) 25 Notes: (1) Income is taxed under the normal progressive tax brackets, which are 14.5% to 48% for 2013 and 2014. (2) IRS retention at source is 25%, as payment on account of final tax liability. (3) IRS retention at source is 11.5% or 25%, depending on the nature of income, as payment on account of final tax liability. (4) IRS retention at source is 16.5%, as payment on account of final tax liability. (5) Only 50% of this income is reported in the tax return if the option of englobamento is chosen. (6) If already taxed at source in Portugal, then this income does not have to be reported in the tax return. (7) Income paid or made available to accounts opened in the name of holders acting on behalf of unidentified third parties will suffer a withholding tax at a flat rate of 35%, unless the beneficial owner of the account is identified. (8) Income paid or made available to residents in Portuguese territory by non-resident entities without a permanent establishment in Portugal, domiciled in blacklisted jurisdictions will be subject to a withholding tax of 35%. (9) Income paid or made available to non-resident entities without a permanent establishment in Portugal, domiciled in blacklisted jurisdictions will be subject to a withholding tax of 35%. (10) Income may be taxed under the normal progressive tax brackets or the option of isolation can be chosen and the income will be taxed at a flat rate of 28%. (11) Only 50% of gain is taxable, but can rollover the gain provided that the sale proceeds are reinvested in another principle permanent home in the EU within 3 years. Klisiaris & Klissiaris Lda State Budget 2014 8
Personal allowances The personal allowance for each taxpayer remains at 213.75 Euros in 2014. The allowances for dependant children are: 427.50 Euros where the child is 3 years of age or less at 31 December. 213.75 Euros where the child is 4 years of age or more at 31 December. The table below summarises the personal allowances for 2013 and 2014. Taxation of disabled individuals The additional personal allowance of 1 900 Euros for disabled taxpayers remains unchanged for 2014. The exclusion from personal income tax of 10% of the gross income earned in each of the Categories A, B and H (Employment, Self- Employment and Pensions) by disabled taxpayers is applicable for 2014. However, the income excluded from taxation may not exceed 2 500 Euros, for each category of income. Tax Allowances 2013 and 2014 Amounts in Euros Married Not married Allowances in respect of taxpayers and their relatives i) Taxpayer 427.50 213.75 ii) Single parents - 332.50 iii) Dependants >= 4 years of age as at 31 December of the relevant tax year 213.75 213.75 iv) Dependants <= 3 years of age as at 31 December of the relevant tax year 427.50 427.50 v) Households with 3 or more dependants, per dependant 237.50 237.50 vi) Ascendants living with the taxpayer whose income is <= the minimum pension payable under the general regime 261.25 261.25 vii) Only one ascendant living with the taxpayer whose income is <= the minimum pension payable under the general regime 403.75 403.73 Disabled individuals i) Disabled taxpayer (1) 3 800.00 1 900.00 ii) For each disabled dependant 712.50 712.50 iii) For each disabled ascendant 712.50 712.50 iv) 30% of education and rehabilitation expenses No limit No limit v) 25% of life insurance premiums or contributions paid to mutual societies 15% of 15% of calculated tax calculated tax - If contributions paid are for old age retirement 130.00 65.00 Notes: (1) Assuming that both taxpayers are disabled. Klisiaris & Klissiaris Lda State Budget 2014 9
Treatment of dependants in the case of divorce or legal separation In the case of divorce, legal separation or annulment of a marriage where parental responsibilities are exercised jointly by both parents, dependant children not emancipated or under guardianship (including stepchildren and adopted children) belong to the household: of the parent corresponding to the residency officially determined in the regulation of parental responsibilities, or, in the absence of this where the dependant has his address as at 31 December of the tax year. In the case of divorce or separation, when parental responsibilities are exercised by both parents, the tax credits will correspond to half of the expenses and have a limit of 50% of the maximum legally allowed amount, in the case of health, education and disability expenses. This sharing of deductions is only applicable where the children are minors. In cases where the dependants are 18 years old or over, there will be no shared deductions, even if they qualify as dependants for tax purposes. Allowable deductions In addition to the personal allowance, there are still tax credits and tax benefits available which can further reduce the final tax liability. Limits on the total expenses deductible by taxpayers are applicable in 2013 and 2014, one for tax credits and another one for tax benefits. These limits vary according to the income tax bracket, but are not applicable to taxpayers whose taxable income lies in the first income tax bracket. On the other hand, taxpayers who fall into the last tax bracket of income are not entitled to deduct tax credits and tax benefits. All deductions should be supported by a valid invoice containing the taxpayer s name and, where possible, fiscal number. The taxpayer s first and last names should be displayed on the invoice, and no abbreviations or shorted forms of the names should be used. Tax credits In the case of tax credits, the total expenses incurred on the following are subject to limits between 0 Euros and 1 250 Euros: Health expenses Education and training Nursing homes Housing Alimony These limits are increased by 10% for each dependant that it not a personal income taxpayer. Klisiaris & Klissiaris Lda State Budget 2014 10
Health expenses The amount deductible for health expenses will continue to be at a rate of 10%, with a limit of 838.44 Euros (twice the social support index: 419.22 Euros). For households with 3 or more dependants, the limit shall be increased by 125.77 Euros per dependant. Alimony Tax credits in respect of alimony are still 20% of the amount spent with a limit of 419.22 Euros per month for each beneficiary. Housing The maximum deduction for interest on mortgages and rents paid will remain at 296 Euros. Only interest under contracts concluded by 31 December 2011 is deductible. Repayments of capital are not allowable. There is still the possibility of an increase in the deduction based on the taxable income bracket of the taxpayer, as set out on page 12. Tax Credits 2013 and 2014 Amounts in Euros Married Not married Health expenses There is a deduction for the following expenses: 10% of expense - limit of a) Goods and services exempt from VAT or subject to VAT at a rate of 6% (1) 838.44 (1) 838.44 b) Other health expenses supported by a medical prescription 65.00 or 2.5% of a), if higher 65.00 or 2.5% of a), if higher c) Limit shall be increased for households with 3 or more dependants in their care, for each dependant, by: 125.77 125.77 Education and training expenses i) 30% of education expenses with a limit of 760.00 760.00 ii) Limit shall be increased for households with 3 or more dependants in their care, for each dependant, by: 142.50 142.50 Nursing homes 25% of the expenses for homes and institutions to support the taxpayer and relatives up to the 3rd degree whose income is below the minimum national wage 403.75 403.75 Life and personal accident insurance premiums 25% of life and personal accident insurance premiums (covering risk of death, disability or retirement due to age after 55 years old and 5 years of contract) Alimony payments 20% of alimony payments Notes: (1) This limit applies to lines a) and b). Revoked - except for shortlived professions and disabled individuals With a monthly limit of 419.22 per beneficiary Klisiaris & Klissiaris Lda State Budget 2014 11
Tax Credits (continued) 2013 and 2014 Amounts in Euros Married Not married Housing expenses 15% of the following expenses: a) Interest on loans, for contracts entered into by 31 December 2011, made for the acquisition, construction or improvement of a residential property used as the taxpayer s permanent private residence, or rent paid in respect of a 296.00 296.00 tenant s duly substantiated permanent residence b) Instalments payable as a result of contracts entered into by 31 December 2011 with housing co-operatives or under the group purchasing regime, for the acquisition of residential property for use as the taxpayer s personal and permanent residence, or rent paid in respect of a tenant s duly substantiated 296.00 296.00 permanent residence, to the extent in which they refer to interest on the related debt c) Rent paid under a leasing contract entered into by 31 December 2011 in respect of a personal and permanent residence under this regime, to the 296.00 296.00 extent that it does not constitute repayment of capital d) Amounts expended by way of rent, net of subsidies or official contributions, concerning an urban real estate or fraction for permanent housing under the Urban Rental Regime or the New Urban Rental Regime, as long as the contract 502.00 502.00 has been registered by the tax office and the associated stamp duty paid The limits in a) to c) are increased as follows: - taxable income up to the 1st bracket - 50% 444.00 444.00 - taxable income up to the 2nd bracket - 20% 355.20 355.20 The limits in d) are increased as follows: - taxable income up to the 1st bracket - 50% 753.00 753.00 - taxable income up to the 2nd bracket - 20% 602.40 602.40 Limit of tax credits The limit of tax credits for each tax bracket is set out in the table below. Limits of Tax Credits 2013 and 2014 The limits are as follows: - taxable income within the 1st bracket No limit - taxable income within the 2nd bracket (1) 1 250.00 - taxable income within the 3rd bracket (1) 1 000.00 - taxable income within the 4th bracket (1) 500.00 - taxable income within the 5th bracket 0.00 Notes: (1) These limits are increased by 10% for each dependant, or civil godson, who is not a taxpayer. Euros Klisiaris & Klissiaris Lda State Budget 2014 12
Tax benefits The tax benefits listed below are subject to limits varying between 0 Euros and 100 Euros: Contributions to Retirement Savings Plans (PPR) Health insurance premiums Contributions to the Public Capitalisation Regime Donations Tax Benefits 2013 and 2014 Amounts in Euros Married Not married Contributions to Retirement Savings Funds and Retirement Savings Plans (PPR) (1) 20% of the amount invested with the following limits: i) For taxpayers younger than 35 years 800.00 400.00 ii) For taxpayers between 35 and 50 years old (inclusive) 700.00 350.00 iii) For taxpayers older than 50 years 600.00 300.00 Health insurance premiums 10% of health insurance premiums 100.00 50.00 Increase for each dependant 25.00 25.00 Donations 25% of donations to: i) Central, Regional and Local Administration No limit No limit ii) Foundations (with conditions) No limit No limit iii) Other entities Public Capitalisation Regime 20% of the amount invested in individual accounts managed under the public capitalisation regime Value Added Tax (VAT) Deduction of 15% of the VAT incurred on invoices in the name of the taxpayer communicated to the tax authorities by hairdressers, mechanics, restaurants, bars, hotels and beauty salons Notes: (1) Amounts invested after pensioning-off date are not deductible. 15% of calculated tax 15% of calculated tax 700.00 350.00 500.00 250.00 Limit of tax benefits The limit of tax benefits for each tax bracket is set out in the table below. Limit of Tax Benefits 2013 and 2014 The limits are as follows: Euros - taxable income within the 1st bracket No limit - taxable income within the 2nd bracket 100.00 - taxable income within the 3rd bracket 80.00 - taxable income within the 4th bracket 60.00 - taxable income within the 5th bracket 0.00 Klisiaris & Klissiaris Lda State Budget 2014 13
Klisiaris & Klissiaris Lda Tax Solutions Social Security Klisiaris & Klissiaris Lda State Budget 2014 14
Social Security Index (IAS) The Social Security Index (IAS) for 2014 remains at 419.22 Euros. Registration of employees The communication of the commencement of an employee may continue to be made in writing in the case of all domestic service workers. In all other situations, online communication is mandatory via the website of Social Security. Regular nature of payments - employees To be subject to Social Security contributions, premiums, bonuses and other payments should be considered as regular. It is clarified that benefits are of regular nature when they take place with a frequency equal to or less than 5 years (previously, it was "Regardless of their frequency ). Board members Board members will be liable to pay contributions on the effective remuneration received in each of the entities where they exercise such a role, without any maximum limit. Previously, the monthly Social Security contribution basis applicable to members of the board was limited to 5,030.64 Euros (12 times the IAS). Self-employed determination of scale Self-employed individuals will be entitled to choose between making contributions at the scale based on their conventional income, which is linked to the amount of the services rendered, or opt to pay contributions based on two levels immediately below or above this scale. In February and June each year, the individual may request a change of scale, producing an effect the following month. Set out below are the Social Security scales for self-employed individuals. Social Security scales for self-employed individuals 2013 and 2014 Scale Monthly contribution (Euros) 1 124.09 2 186.13 3 248.18 4 310.22 5 372.27 6 496.36 7 620.45 8 744.53 9 992.71 10 1 240.89 11 1 489.07 In cases where the relevant annual income is less than or equal to 12 times the IAS (5 030.64 Euros), the basis for calculation of the contribution shall be fixed at 50% of the IAS (209.61 Euros). The self-employed may, however, waive this and be automatically positioned in the first scale. In cases where the activity is resumed, after a period of 12 months counting from the previous October, the basis for contribution is the relevant income when there is declared income to enable this calculation. When this is not available, the base will be set at 50% of the IAS (209.61 Euros), and in such cases the worker may request be positioned in the first scale. Klisiaris & Klissiaris Lda State Budget 2014 15
Self-employed micro-generators of electricity Taxpayers whose only source of Category B income is from the micro-generation of electricity are excluded from the Social Security regime for self-employed individuals, as long as this income is exempt from IRS tax. This income will not be considered when determining the relevant income on a selfemployed basis for Social Security contribution calculations. Self-employed exemptions Self-employed workers whose annual activity income is less than 6 x IAS (6 x 419.22 = 2 512.32 Euros) are exempt from making contributions. The option for exemption in situations where the relevant income has not reached 12 times the IAS (5 030.64 Euros) granted to selfemployed workers enrolled after the entry into force of the Contributory Code is revoked. Contracting entities The contributions payable by contracting entities are determined only in relation to self-employed workers who are subject to the obligation to contribute and obtain an annual income from services rendered not less than 6 times the IAS (2 515.32 Euros). Annual declaration of activity The annual declaration of activity income is mandatory for all independent workers who are liable to contributions. It is done by completing the Social Security annex within the IRS tax return (previously, it was not applicable to independent workers who are exclusively producers or traders). Electronic mailbox The following are required to have an electronic mailbox (e.g. viactt): Employers, with the exception of individuals without a business activity; Contracting Entities; Self-employed workers who are making contributions at the 3 rd scale or higher. Sickness allowance and unemployment allowance The 5% contribution on the payments of sickness allowances for periods longer than 30 days remains in force. The 6% contribution on unemployment allowances is also maintained, except if those allowances are entitled to a 10% gross-up, under the terms of the applicable legislation (e.g. if both members of a couple receive unemployment allowance). In any case, being subject to contributions can not harm the guaranteed minimum value of the benefits under the respective legal systems. Exchange of information between Social Security and the tax office Social Security will send to the tax office the values of all social benefits paid, including pensions, scholarships, study and training grants and accommodation subsidies, per beneficiary for the previous year. The tax office will send to Social Security the values declared in Annexes A, B, C, D and J of the annual IRS tax return for the previous year, for taxpayer covered by the Social Security regime. Klisiaris & Klissiaris Lda State Budget 2014 16
Klisiaris & Klissiaris Lda Tax Solutions Blacklisted Jurisdictions Klisiaris & Klissiaris Lda State Budget 2014 17
Portaria 292/2011 dated 8 November Set out below is the approved list of countries, territories and regions that are considered to have favourable tax regimes and thus are blacklisted jurisdictions: 1) Andorra 2) Anguilla 3) Antigua and Barbuda 4) Dutch Antilles 5) Aruba 6) Ascension Island 7) Bahamas 8) Bahrain 9) Barbados 10) Belize 11) Bermuda Islands 12) Bolivia 13) Brunei 14) Channel Islands (Alderney, Guernsey, Jersey, Great Stark, Herm, Little Sark, Brechou, Jethou and Lihou) 15) Cayman Islands 16) Cocos Islands 17) Cook Islands 18) Costa Rica 19) Djibouti 20) Dominica 21) United Arab Emirates 22) Falkland Islands 23) Fiji Islands 24) Gambia 25) Grenada 26) Gibraltar 27) Guam Island 28) Guiana 29) Honduras 30) Hong Kong 31) Jamaica 32) Jordan 33) Keslim Islands 34) Kiribati Island 35) Kuwait 36) Labuan 37) Lebanon 38) Liberia 39) Liechtenstein 40) Maldives 41) Isle of Man 42) Northern Mariana Islands 43) Marshall Islands 44) Mauritius 45) Monaco 46) Montserrat 47) Nauru 48) Christmas Islands 49) Island of Niue 50) Norfolk Isles 51) Sultanate of Oman 52) Pacific Islands 53) Palau Islands 54) Panama 55) Pitcairn Isle 56) French Polynesia 57) Porto Rico 58) Qatar 59) Solomon Islands 60) American Samoa 61) Western Samoa 62) Island of St Helena 63) St Lucia 64) St Kitts and Nevis 65) San Marino 66) Island of Saint Peter and Miquelon 67) St Vincent and the Grenadines 68) Seychelles 69) Swaziland 70) Svalbard 71) Tokelau Island 72) Tonga 73) Trinidad and Tobago 74) Tristan da Cunha Island 75) Turks e Caicos Islands 76) Tuvalu Island 77) Uruguay 78) Republic of Vanuatu 79) British Virgin Islands 80) Virgin Islands of USA 81) Arab Republic of Yemen Klisiaris & Klissiaris Lda State Budget 2014 18