29 March 2018
From 1 March 2018, Portugal has extended its current reverse charge mechanism on imports to include all goods imported into the country. Previously this was restricted to certain goods mentioned in the Portuguese VAT legislation.
This will allow any VAT registered businesses to apply to the Portuguese tax authorities for authorisation to use this reverse charge. Once accepted, it will remove the requirement to pay import VAT when goods are cleared into the country and instead the VAT will be deferred to the importing businesses’ VAT return.
It is hoped that this will result in savings on shipping costs and bank charges for the company importing the goods, as well as improve their cash flow as they will no longer have to wait for import VAT to be refunded by the Portuguese tax authorities.
LATEST NEWS
Separate EORI number for Northern Ireland required
HMRC have recently confirmed that businesses who import and export goods from Northern Ireland (NI) will need a special Economic Operator Identification Number...
SEE MORE
LATEST NEWS
Ireland to introduce postponed accounting for import...
The Irish government have confirmed that a postponed accounting facility will be implemented for import VAT post-Brexit. This new mechanism will allow all...
SEE MORE
LATEST NEWS
Belgium force UK companies to engage a fiscal...
The Belgium tax authorities are contacting UK traders who hold a Belgium VAT account to inform them that they have a requirement to appoint a fiscal...
SEE MORE