Government measures in key jurisdictions 2nd edition final pages - Flipbook - Page 75
Portugal
•
Simplification procedures for filing of VAT periodic returns of February, March and
referring to the 1st trimester of 2020 with no supporting documentation as long as
substitutive returns are afterwards presented in July and August, respectively. This
measure is only applicable to taxpayers with a turnover lower than EUR 10M in 2019
or whose activity was opened in 2020.
•
Application of reduced VAT rate (6% in Mainland Portugal, 5% in Azores and 4% in
Madeira) to protective masks and disinfectant gel and VAT exemption on health
equipment furnished to hospitals and non-profit health organizations.
•
Exceptional recognition of PDF invoices as “electronic invoices” in April, May and
June for every legal effect.
Social Security deferrals: possibility of, under certain circumstances, reducing to 1/3
the Social Security contributions due between March/April and May/June 2020 for
companies and self-employed (the remaining 2/3 should be payable under the same
instalment deferral rules set out above, i.e. payable between July and September 2020
or between July and December 2020, depending whether payable in 3 or 6 monthly
instalments (free of interest and guarantees)).
Temporary exemption from Social Security contributions: exemption which is,
under certain circumstances, automatically applicable to entities benefiting from the
exceptional and temporary measures set for labor protection in the context of the
COVID-19 outbreak.
For more information please visit: COVID-19: Main legislative or regulatory initiatives
that have been taken in Portugal, and Tax Measures in Portugal in response to
COVID-19.
8
Company
law matters
•
Have any measures
been put in place •
to accommodate
social distancing
(such as remote
general meetings)?
•
To accommodate social distancing, the Portuguese Government has extended until 30
June 2020 the deadline for holding annual general meetings which should take place by
legal or statutory imposition until 31 March 2020 or 31 May 2020 (e.g. for approval of the
year-end individual or consolidated financial statements, respectively).
Without prejudice to the above, the use of distance communication mechanisms (i.e.
video or teleconference) to hold meetings of the corporate bodies and pass resolutions
is also admissible, provided that the participation via such means is duly recorded in the
relevant minutes of the meetings.
For more information please view here.
Government measures in key jurisdictions
75