Portugal import VAT reverse charge Mar 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 payment due for import of goods into Portugal. Instead, they may declare the transaction in their next VAT return against any sales VAT – thus avoiding any cash payments.
Companies must apply for the relief through the tax authority’s website.
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