Portugal cash prizes for VAT invoices

Tue 12th Apr 2016

Portugal is to amend a controversial scheme whereby customers can win state cash prizes based on VAT invoices from their suppliers. Each invoice has a unique number, which is then used in a weekly national draw.

The idea is to encourage customers to demand full VAT invoices, and so force proper VAT declarations by the sellers.

The prizes will no longer be in cash. Instead, Portuguese Treasury Bonds will be won by the holders of the drawn invoices.