Portugal Requires Owners to Central Register and Extends Deadline for Invoicing Software
As of January 1, 2020 companies in Portugal will be issuing invoices using software certified by the Portuguese tax authorities. This also applies to companies that are not established in Portugal but are registered for VAT purposes in Portugal and have an annual turnover of more than EUR 75,000. The only time this new requirement may be waived is if the reverse charge scheme applies or if self-billing invoices are issued. Non-compliance may result in sanctions and fines of up to EUR 37,500.
In addition, on October 31, 2019 all companies in Portugal must be registered in the central register of beneficial owners. This also applies to companies only registered for VAT purposes in Portugal. Companies are required to submit the identities of the company’s shareholders, administrative bodies and beneficial owners, as well as information about the person registering the company. The reason for this request is to prevent money laundering and terrorist financing. Non-compliance may result in sanctions and fines of up to EUR 50,000.
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