The 2015 State Budget proposal was presented by the Portuguese Government to the Portuguese Parliament on …
2015 State Budget proposal
The 2015 State Budget proposal was presented by the Portuguese Government to the Portuguese Parliament on 15 October, 2014.
From a VAT perspective, we highlight the following measures:
- Simplification of the procedure for the recovery of VAT included in credit in default (payments overdue since 1st January, 2013) as the recovery procedure will no longer be dependent on the accounting derecognition of the credits;
- New obligation to report, electronically, stock inventories to the Portuguese Tax Authorities, by 31st January of the subsequent year. Taxpayers with an annual turnover less than 100,000 € in 2014 are excluded from this obligation.
Contrarily to what was previously communicated by the media, the increase of the standard VAT rate from 23% to 23, 25% is not proposed.
The new rules are expected to enter in force on 1 January, 2015.
MOSS
Since 24 October 2014 it is possible for taxable persons to register for the Mini One Stop Shop next to the Portuguese Tax Authorities site. The MOSS is available under two distinct regimes: “The Union Scheme” and the “Non-Union Scheme”.
Conceição Gamito & Catarina Belim,
Vieira de Almeida & Associados
