Portugal implements the EU’s four ‘Quick Fixes’ for VAT into local legislation. You can check out our free guide to the ‘Quick Fixes’ here.
Portugal implemented into local VAT law the simplifications to the cross-border supply of goods within the EU. Also known as the four ‘Quick Fixes’ for VAT. Although enacted into legislation and published in the official gazette on 24 August 2020, the measures are effective from January 2020.
The ‘Quick Fixes’ aim to provide clarity and guidance on the correct VAT treatment on EU supplies of goods and includes the following:
- Harmonisation on the VAT treatment of chain transactions in the EU;
- Tightening of the requirements for zero-rated intra-EU supplies of goods;
- Simplification for cross-border consignment stock cases in the EU; in addition to
- Standardisation of documentary proof in the case of zero-rated intra-EU supplies of goods
This new bill finally implements the European Commission’s 2018 Directive; in regards to the harmonisation and simplification of certain rules in the VAT system for the taxation of trade between Member States. This should have been in force from 1 January 2020.
If you are affected by the ‘Quick Fixes’ for VAT in Portugal or would like some further information, please contact our VAT experts.