Ministry of Finance

Decree-Law No. 61/2013 of 10 May

Brings into the Portuguese legal system the Council Directive 2011/16/EU of 15 February 2011, on administrative cooperation in the field of taxation and repealing Council Directive 77/799/EEC of 19 December 1977, concerning mutual assistance by the competent authorities of the member states in the field of direct taxation and taxation of insurance premiums.

Ministry of Finance

Portaria (Ordinance) No. 177/2013 of 13 May

Sets the percentages of the amount of enforced collections arising from tax enforcement proceedings brought by the services of the Tax and Customs Authority to be allocated to the Tax Stabilisation Fund (Fundo de Estabilização Tributário) for 2012.

Ministry of Finance

Despacho (Order) No. 6999/2013 of 30 May

Lists the taxpayers whose tax situation shall be accompanied by the Unidade dos Grandes Contribuintes (Large Taxpayers Management Unit) under the Portaria (Ordinance) No.107/2013 of 15 March.

Ministry of Finance

Decree-Law No. 71/2013 of 10 May

Approves the VAT cash accounting scheme and amends the Value Added Tax Code.

This scheme will enable VAT taxpayers to only pay the tax due to the Tax Authorities after actually receiving it from their debtors, rather than upon the issue of the invoice, as is the case under the existing scheme. On the other hand, it only allows deducting VAT from each purchase invoice at the time of payment. In any case, following a 12 month period after the issue of the invoices, VAT taxpayers shall pay to the State the VAT assessed on the invoices issued even if those invoices have not been paid.

This VAT cash accounting scheme is optional and this right can be exercised until 30 September 2013, provided the following requirements are cumulatively fulfilled:

  1. Activity started more than 1 year ago;
  2. Annual turnover up to EUR 500,000.00;
  3. Regularised tax situation.

The choice for this scheme implies a permanence of at least two years, as well as lifting of the bank secrecy.