CIT - The PTA clarify the scope of the waiver of Special Payment on Account applicable in FY2019
Ruling no. 20208, of 18 March 2019, was disclosed by the Portuguese Tax Authorities (“PTA”), which clarifies the scope of the waiver of Special Payment on Account (“PEC”) foreseen in article 106 (11) (e) of the Portuguese Corporate Income Tax Code (“CIT Code”) introduced by Law n.º 71/2018, of 31 December, which approved the Budget Law for 2019.
SIMPLEX + program approves new invoicing rules
Decree-Law no. 28/2019, of 15 February, was officially published, within the framework of the SIMPLEX + program, in order to promote the dematerialisation and reduce over-bureaucratisation in the emission and archiving of invoices, namely, consolidating and revising some provisions scattered through the legislation.
CIT - Special Payment on Account to be paid until the end of March
The deadline to deliver the special payment on account (“PEC”) regarding fiscal year 2019 ends on 31 March for taxable persons resident within the Portuguese territory engaged primarily in a commercial, industrial or agricultural activity and non-residents with a permanent establishment herein which have adopted a fiscal year that coincide with the calendar year, in cases the waiver of such payment is not applicable. The PEC might be delivered in a single installment, during March, or in two installments, in March and October of the corresponding fiscal year, or in the 3rd and 10th month of the fiscal year, if not coincident with the calendar year.
The deadline to execute the communications to be made under the Special Regime for Group Taxation (RETGS) ends in the end of March
Until the 31 March 2019, the following communications must be made to the Tax and Customs Authorities, through the start-up form or change of activity form to be submitted by electronic means.
Extraordinary Supplement for Pensions
Ordinance no. 71/2019, of February 28, was published, establishing the amounts of the extraordinary supplement for pensions of disability and old age of the Social Security system.
It has been approved the Regime of communication of financial information of beneficiaries residing in Portugal
Law no. 17/2019, was officially published, which approves the Regime of Communication of Financial Information, amending the Decree-law no. 64/2016, of 11 of October, and the Decree-Law no. 61/2013, related with the mandatory automatic exchange of information in tax matters and with the obligation to comply with the communication rules and due diligence related with the bank accounts qualified as “subjected to communication” of holders and beneficiaries residing in other Member States of the European Union or in other participant jurisdictions, such as the United States of America.
The Autonomous Region of Madeira increases the minimum wage to 615 euros
It was published today the Regional Legislative Decree no. 1/2019/M, approving the increase of the minimum monthly wage in the Autonomous Region of Madeira.
It was approved the Double Taxation Agreement between the Portuguese Republic and the Republic of Angola
Parliament Resolution no. 23/2019, was officially published, which approves the Double Taxation Agreement between the Portuguese Republic and the Republic of Angola for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, signed in Luanda on 18 September 2018.
Normal age of access to old-age pension in 2020
Ordinance no. 50/2019, of February 8, was published today in the Official Gazette, foreseeing the age to accede the regular retirement pension in the Portuguese general social security system for 2020.
New coefficient values to be considered for determining the reference remuneration for calculating invalidity and old-age pensions
Ordinance no. 49/2019, of February 8, was published today in the official gazette, foreseeing the coefficient values to be used to update the annual remuneration to be considered for the purposes of determining the reference remuneration that serves as the basis for calculating invalidity and old-age pensions.