 | | | | | Companies based in Madeira must keep accounting records in Portuguese and should be set out according to the accounting standards.
An accountant is responsible for all record books. This accountant must be a certified member of Câmara de Técnicos Oficiais de Contas [the official Portuguese accountants’ society].
Portuguese law also requires that all accounting documents are kept at the company´s registered office.
All transactions of companies based in Madeira must be duly reported in the accounts with the originals of the supporting documents.
Our clients must send us all the original supporting documents every month (bank statements, invoices, receipts, contracts and any other document or information relative to any operation implemented) relative to all transactions undertaken by the company, before the deadline for submitting the tax return terminates (see tax calendar).
If we do not receive these documents we shall assume that no corresponding business activity was carried out during the period and the respective accounting returns will be issued and submitted accordingly.
Non-compliance with the statutory deadlines referred to above or any amendments that imply the correction of already submitted tax returns, will generate heavy fines payable by our clients. | | |  | |
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