The Portuguese government has introduced this year an extraordinary measure to support the economy, provided for in the Regulatory Decree No. 2-A/2021, of May 28.
This measure, called "IVAucher", aims to support the sectors of the economy that suffered most from the pandemic caused by COVID-19, namely culture, restoration and accommodation.
Consumers interested in this program should register at https://www.ivaucher.pt/Register/Index.
This measure will extend temporally in several phases, namely:
- During the months of June, July and August, the consumers will be able to accumulate the VAT paid on purchases made, simply by asking the adhering merchants that the issue of invoices be accompanied by the NIF;
- In September, the accumulated VAT will be calculated by the Tax Authority by checking the invoices reported;
- Finally, the final accumulated value may be used during the months of October, November, and December.
However, although the accumulated benefit has no limit, its subsequent use is limited to 50% of the payment amount of each operation.
It should be noted that the amount of the balance used under this initiative will not compete for the amount of deductions to the taxable income provided for in articles 78-B and 78-F of the IRS Code.
With the pandemic resulting in a negative impact on the Portuguese economy, we conclude that this measure adopted by the Portuguese government was right in that it will allow the injured sectors to stimulate their activity with a view to recovery and boost the economic operators.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.