On 18th September 2019 the Portuguese Government introduced into Law a new deadline for the payment of VAT which will effectively give taxpayers an additional 5 days. The law is due to have effect from 1 October 2019 and hence will be beneficial going forward from now.
The new deadlines for the payment of VAT are as follows:
- Taxpayers filing monthly returns (i.e. with turnover equal to or above EUR 650,000 in the previous calendar year), will have up to the 15th day of the second month following that in which the transactions take place; and
- Taxpayers filing quarterly returns (i.e. with a turnover lower than EUR 650,000 in the previous calendar year) will have up to the 20th day of the second month following the quarter of the calendar year in which the transactions take place.
There will be no change to the deadline for filing VAT returns.
Please contact one of our VAT experts for further information.