New Portuguese VAT Return
The tax authorities recently updated the Portuguese VAT return form with important changes that will impact the VAT reporting function of all VAT registered businesses in Portugal.
The new return is applicable as from 1 June 2018.
Reporting of credit notes in Portuguese VAT return
Credit notes issued or received must be reported in a separate box of the Portuguese VAT returns where these documents refer to invoices issued in a period different from the current reporting period. For example, if a credit note is issued on 20 June cancelling an invoice issued on 2 June, you do not have report the credit note in a separate box. However, if the credit note issued in 20 June cancels an invoice issued on 2 January, then box 40 (credit notes issued) and 41 (credit notes received) must be completed.
The new Portuguese VAT return requires an additional reporting obligation when box 40 is completed (additional deduction due to credit notes issued). Going forward the month and year when the original invoice was issued must be included in section 1-A of the Appendix for regularizations (Quadro 1-A do anexo regularizações do campo 40).
You can find more information about these changes in the notice published by the Portuguese tax authorities.
Get help with your Portuguese VAT returns
At Marosa we will review how you are completing all your VAT returns in Europe. We will then identify areas of improvement, possible errors on how you are completing your VAT returns and cost saving opportunities when using Marosa as your central service provider for all European countries.
Contact us to get more information about our work.