The Government approved some legislative changes regarding SAF-T (PT) accounting file and reporting obligation on the establishments where invoices are issued through Decree-Law no. 48/2020, of 28 August. We highlight below the principal measures.
In order to mitigate the effects of the Covid-19 pandemic, the Portuguese Government approved, by Law no. 29/2020 of 31 July, three more fiscal measures to support micro, small and medium-sized enterprises
IRC periodic return (Model 22) can be submitted and corresponding tax can be paid until today, without any penalty, as decided by the Portuguese Government, by Order 296/2020XXII, given the constraints presented by companies and accountants in the context of the pandemic Covid-19.
We recall that this obligation has been implemented by the SIMPLEX+ Programme in article 34 of Decree-Law no. 28/2019, of 15 February. Initially this obligation had to be fulfilled until 30/06/2019, later extended to 30/06/2020 by Order no. 4/2019-XXII-SEAF, of October 30.
In the context of the extraordinary measures adopted to minimize the impact of new coronavirus (COVID-19) on the Portuguese economy, the Secretary of State for Tax Affairs, through Order no. 258/2020-XXII, of 16 June, decided to extend the deadline of the first payment on account due by taxpayers who obtain professional and business income (category B) from July 20 to August 31, without the application of any penalties.
The Council of Ministers approved on July 21, 2020 the decision on the functioning of the solvency support fund for strategic companies (FASEs, after its initials in Spanish), requirements to be eligible for the support, restrictions regarding beneficiary companies and reporting obligations on received support.
On July 1st, 2020, a new Federal Law for the Protection of Industrial Property (Ley Federal de Protección a la Propiedad Industrial) (the New IP Law) was published in the Official Gazette of the Federation, repealing the former Industrial Property Law of the year 1991. Additionally, on that same date, the Federal Copyrights Law (Ley Federal del Derecho de Autor in Spanish, the Copyrights Law) was also amended in some material aspects. The enactment of the New IP Law and the amendment to the Copyrights Law were approved to harmonize and adapt the Mexican legal intellectual property framework to the obligations undertaken by Mexico under the United States-Mexico-Canada Agreement (USMCA) which came into effect on such date.
Ordinance no. 170-A/2020 of July 13th has been approved and regulates the attribution of financial support to companies during the returning phase of its employees to normal work provision and normalization of business activity.
The General Court of the European Union (GCEU) concludes in a recent judgment in the 'Apple’ case that the European Commission may assess the correct application of transfer pricing rules and therefore identify the existence of types of tax aid, although within the limits of those assessment powers.