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Adjustments to the Portuguese Fiscal Calendar 2020/2021
The schedule of tax obligations for 2020 and 2021 has the following adjustments, introduced by Order No. 437/2020-XXII of November 9, 2020.
1. Deadlines for submission of VAT returns:
Monthly Regime:
- The VAT returns included in the monthly regime, which run from September 2020 to March 2021, have their submission deadline extended to the 20th day of the 2nd month following the month to which the return refers. (Ex: For the month of September the declaration can be delivered until 20 November 2020);
- The VAT payment due is extended up to 5 days after the final date of submission of the declaration.
Quarterly Scheme:
- The declarations included in this regime, between the 3rd quarter of 2020 and the 1st quarter of 2021, must be delivered until the 20th day of the 2nd month following the last month of the quarter to which the declaration refers. (Ex: For the quarter between July and September 2020 the declaration can be submitted until November 20, 2020);
- The payment of the VAT due must be made until the 5th from the final date of delivery of the declaration.
2. PDF Invoices
Until March 31, 2021 invoices delivered in PDF format may be accepted, these being considered as electronic invoices for legal purposes.
3. Communication of Inventories in 2021
The new file structure approved by Ordinance No. 126/2019 of 2 May should be applied. The communication deadline is January 31, 2022.
4. Fiscal and Accounting Declarations
The 2020 Annual Statement may be delivered, as of January 1, 2021, through Portal das Finanças1. The delivery deadline is until the 15th day of the 7th month after the end of the tax period.
The IRS/IRC Model2 10 declaration, referring to 2020, may be delivered until February 25, 2021.
The Model 22 IRC declaration, for 2020, keeps in force the legal deadline for delivery and, while being available for delivery through Portal das Finanças.
5. Alterations of the exceptional regime for tax compliance
VAT can be paid in three or six monthly instalments if there has been a breakdown in turnover of at least 25%. This measure is only available to businesses who have had up to €2,000,000 in turnover 2019, or who have started or restarted ativities as from 1 January 2020.
1 Portuguese government’s online finance website.
2 IRS is the Portuguese tax on income. IRC is the Portuguese tax on profits.