Government measures in key jurisdictions 3rd edition final - Flipbook - Page 101
Portugal
: payment of VAT and CIT/PIT withholding taxes due in the 2nd trimester of 2020 may, under certain
circumstances, be deferred and paid in 3 or 6 monthly instalments, free of interest and without the need of
providing guarantees. The first 1/3 or 1/6 has to be paid on the corresponding legal deadline.
•
Extension of the deadlines to submit the VAT periodic return (with no penalties) of February (from 10
April to 17 April), of March (from 10 May to 18 May), of April (from 10 June to 18 June), of May (from
10 July to 17 July) and June (from 10 August to 17 August). The corresponding VAT can be payed until
20 April, 25 May, 25 June, 25 July and 25 August, respectively. Extension of the deadline to submit
the 1st quarterly VAT return from 15 May to 22 May and the 2nd quarterly VAT return from 15 August
to 22 August and the corresponding VAT can be paid until 25 May and 25 August, respectively. This
measure does not preclude the request to pay in instalments of the VAT due between April and June.
•
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 by 20 December 2020. 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.
: 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)).
: 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
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 viewhere.
Government measures in key jurisdictions
101