Presidency of the Republic

Decree of the President of the Republic No. 72/2013, of 1 July

Ratifying the Convention between the Portuguese Republic and the Republic of Cyprus to Avoid Double Taxation and Prevent Evasion from Income Tax, signed at Brussels on 19 November 2012.

Parliament

Resolution No. 89/2013, of 1 July

Approving the Convention between the Portuguese Republic and the Republic of Cyprus to Avoid Double Taxation and Prevent Evasion from Income Tax, signed at Brussels on 19 November 2012.

Presidency of the Republic

Decree of the President of the Republic No. 78/2013, of 11 July

Ratifying the Protocol Amending the Convention between the Portuguese Republic and the Republic of Singapore to Avoid Double Taxation and Prevent Evasion from Income Tax, signed in Singapore on 28 May 2012.

Parliament

Resolution No. 96/2013, of 11 July

Approving the Protocol Amending the Convention between the Portuguese Republic and the Republic of Singapore to Avoid Double Taxation and Prevent Evasion from Income Tax, signed in Singapore on 28 May 2012.

Parliament

Lei No. 49/2013, of 16 July

Approving the Crédito Fiscal Extraordinário ao Investimento ("CFEI") (Extraordinary Investment Tax Credit).

For further information concerning this Law please see our Tax Flash 2/2013 of 16 July 2013.

Parliament

Law No. 51/2013, of 24 July

Amending the 2013 State Budget (Law No. 66-B/2012, of 31 December).

The following tax amendments are of relevance:

  • Rules on simplified invoices: introduces the obligation to include in the invoices related to the transactions which are not subject to VAT the reason for the non-taxation;
  • Invoices issued by VAT exempt taxpayers under article 53 of VAT Law: establishment the general obligation to issue invoices for the taxpayers under the exemption regime of article 53 of the VAT law, which shall contain the mention to the application of the exemption regime;
  • Issuing of invoices by public corporate bodies, non-profit bodies and private welfare institutions: these entities can now issue documents which do not con-stitute invoices when carrying out exempt transactions under article 9 of the VAT law;
  • VAT deduction on invoices for personal income tax purposes: the deductible amount for each invoice is increased to 15% with effects as of 1 January 2013.