United Kingdom

Digitisation of VAT Reporting

April 5th, 2018

European countries are increasingly demanding detailed electronic VAT transactional reporting from businesses to help them efficiently track tax due and reduce significant tax evasion. This includes: EU SAF-T; Making Tax Digital in the UK; live invoice reporting in Spain, Hungary and Italy; and Control Statements. Many countries have now introduced voluntary and mandatory transaction reporting …


Portugal import VAT reverse charge Mar 2018

March 6th, 2018

Portugal has extended the import VAT reverse charge relief to all goods from 1 March 2018. Similar postponed import VAT accounting relief are popular across the EU. The regime was introduced for a restricted list of goods, including cereals, wools and olive oil, on 1 September 2017. It enables approved companies to postpone the cash …


Portugal extends SAF-T 2018

December 15th, 2017

From 1 January 2018, all Portuguese businesses will be required to be able to produce on-demand an annual accounting submission in SAF-T format.  This information will support Corporate Tax audits and computations. This is in addition to the existing monthly SAF-T submission listing all sales and purchase invoices for VAT purposes. Standard Audit File for …


Portugal SAF-T update

June 15th, 2017

Portugal has issued an update SAF-T standard.  It contains two changes: The XSD schema for invoices and delivery notes The Taxonomies which identify the codes with the correspondence tables to identify accounts The Standard Audit File for Tax was introduced into Portugal in 2008, and become mandatory on a monthly basis in 2013.


Portugal 2017 VAT changes

December 21st, 2016

The 2017 Budget has been approved by Parliament. This included a number of VAT changes applicable from 1 January 2017. These included: Introduction of VAT deferment (via reverse charge) on import VAT for a range of goods (Sept 2017) Reclassification to the reduced 13% VAT rate of some basic foods A proposal to apply the …


Portugal simplified invoices

August 12th, 2016

Portugal has granted simplified VAT invoice requirements for small businesses. Small retailers now only need to record the price of goods on invoices rather that gross, VAT and net price details.


Portugal VAT reclaim changes

July 15th, 2016

Businesses established outside of the EU will benefit from a new VAT reclaim system in Portugal. Where non-EU companies incur Portuguese VAT, and are not providing taxable supplies requiring a non-resident VAT registration, they may reclaim the VAT through a 13th Directive reclaim. This system works across all 28 EU member states. 13th Directive claims …


Portugal restaurant VAT cut to 13%

July 1st, 2016

Portugal has granted its restaurant and café sector and important subsidy with a reduction in the VAT rate for their food services from 23% to 10% from 1 July 2016.  The rate will drop to 9% and 12% for Azores and Madeira, respectively. Portugal raised its restaurant rate to the standard rate of 23% in …