Financial year

The tax year, which can be changed by notifying the tax authorities, coincides with the calendar year. In the event of a change, the tax year must be maintained for at least the next five taxation periods.



The accounts of a company may not be more than 90 days in arrears, which means that any transaction made by a company has to be reported in the accounts within that time period.



Invoices must be issued within five days of the date of supply of the goods and services. In the provision of taxable services in another EU Member State, invoices shall be issued by the 12th day of the following month in which the tax is due. The details of invoices must be reported to the VAT Administration until the 25th of the month following the issuing of the invoice.


Advance Tax Payment

Advance Tax Payments must be made during the month of July, September and until 15 December.


VAT returns

VAT returns have to be completed and submitted periodically (monthly for companies with a turnover greater than EUR 650,000.00 and quarterly for all others) to the tax authorities, even by companies with no reported business activity.

Deadlines for the submission of quarterly VAT returns: 1st quarter – 20 May; 2nd quarter – 20 August; 3rd quarter – 20 November; 4th quarter – 20 February of the following year.

Deadlines for the submission of monthly VAT returns: Within one month and 15 days of the month to which the operations refers (e.g. the VAT return for the month of May must be submitted on or before 15 July).

In addition to the above mentioned periodic declarations, there is a Summary Declaration referring to the intra-EU transfers of goods and services that must be submitted before the 20th day of the following month, or the next quarter, to which it refers to.


Approval of Accounts for Financial Year

In general, the accounts must be approved by the shareholders on or before 31 March. Pure holdings (SGPS) must approve their accounts by 31 May.


Income Statement and Deposit of Accounts

The income statement (form no. 22) relating to the previous year must be submitted to the tax authorities by 31 May. The Simplified Business Information (IES) and consequent deposit of accounts, which contains more detailed information, has to be submitted by the 15 of July.


Social Security

Social Security contributions for each month must be reported before the 10th and paid before the 20th of the following month to which it refers.


Employment Compensation Fund (ECF)

Employment Compensation Fund (ECF) and the Employment Compensation Guarantee Fund (WCGF) payments must always be made between the 10th and 20th of each month as regards the previous month.


Monthly Remuneration Declaration

The Monthly Remuneration Declaration, related to employment income and respective tax deductions and Social Security, must be submitted by the 10th of the following month to which they relate to.


Additional Payments on Account

Additional payments on account must be made during July, September and 15 December of the year to which the taxable profit pertains to or, if the company has adopted a taxable year different from the calendar year, on the 7th, 9th and on the 15th day of the 12th month of the taxable period.


Reporting of Inventories

Companies that are required to take inventory must report to the Tax Authorities an inventory of stock quantities as they exist at 31 December. This information must be sent no later than 31 January in electronic format in a file with pre-defined structure and characteristics.


Stamp Duty Monthly Declaration

Taxable persons are obliged to present an itemized monthly declaration with a breakdown of the relevant items in the General Stamp Duty Table, until the 20th of the month following that when the obligation has occurred.

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