NEWCO is an inward investment services provider specializing in the implementation of foreign investment in Portugal, including Madeira Island, and Malta.
COVID-19: We remain available for you
NEWCO is ensuring the normal functioning of your activity, even if part of the team is working remotely and all the measures that the current circumstances require are being properly implemented.
We have always invested in technological efficiency in order to guarantee not only the proximity to our clients but also the professional flexibility of our team, so we are fully prepared to face this challenge.
On the other hand, considering the restrictions imposed on entry from both Portugal and Malta, we have postponed all professional travel outside the country. We recommend that our clients contact us in advance if they wish or need to meet in person at any of our offices.
The entire NEWCO team is available at their email, telephone or skype contacts.
Both the Portuguese and Maltese governments have been adopting some extraordinary measures that impact the tax compliance obligations of companies. We'll update this page regularly as additional measured are published.
Portugal
Change of deadlines:
- Holding of General Meetings (art. 18 of DL 10-A/2020): until 30 June 2020.
- Delivery of Model 22: until July 31, 2020.
- Payment of PEC: until June 30.
- First Payment on Account (includes the Additional Payment on Account): until August 31.
- Social security contributions and payments of VAT, IRS and IRC: the payment of 2/3 of the amounts due this quarter is postponed to the following quarter.
Malta
Deferral of tax payments
Payments of provisional taxes, VAT and social security contributions (national insurance) for March and April 2020 may be postponed. Companies that suffer a significant drop in their turnover as a result of the economic restrictions resulting from the coronavirus pandemic and consequently face substantial cash flow difficulties may benefit from this tax deferral. The government identifies some sectors primarily targeted by this measure and encourages companies that are not being harmed by COVID-19 not to resort to the deferral scheme and to continue paying their relevant taxes every month.
Companies and self-employed workers who have not fulfilled their tax obligations (submission of documents / declarations and payments) due by December 31, 2019 will not be able to benefit from this deferral scheme.