Portugal approves VAT changes on bad debts

The 2013 Portuguese state budget has been approved, which contains a number of Portuguese VAT matters.

These include:

• The use of simplified invoices for small transactions, reflecting the EU’s VAT Invoice Directive
• Extensions to VAT exemptions and the right to deduct VAT
• Shortened period on the timeline for the refund of VAT paid on bad debts
• Changes to VAT compliance and thresholds for energy, agricultural and precious metal trading

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