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Portugal passes new budget with VAT compliance changes


Portugal passes new budget with VAT compliance changes

Portugal passed its 2013 Budget on the 31 December 2012.  This included a number of changes to the VAT compliance regime.  The principle changes include:

  • VAT on bad debts may now be recovered subject to certain conditions.  For example, the debts must be at least six months old, and have factual evidence of impairment
  • the above entitlement only applies to debts which fall due after 1 January 2013
  • a 1-year extension on the VAT exemption for the transfer of immovable property
  • the extension of the Portuguese VAT exemption on copyright
  • changes to the proof of transport of goods for the purposes of evidencing movement of the goods into free circulation

VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.