 | | | | | Tax calendar and relevant dates |
Financial year
The financial year coincides with the calendar year. It can only be changed by authorization of the Minister of Finance.
Accounting
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
Invoices must be issued within five days of the date of supply of the goods and services.
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 – 15 May; 2nd quarter – 15 August; 3rd quarter – 15 November; 4th quarter – 15 February of the following year.
Deadlines for the submission of monthly VAT returns: Within one month and 10 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 10 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 and paid before the 15th of the following month to which it refers.
Special Advance Tax Payment (PEC)
PEC must be paid during the month of March, or in two installments - one in March and one in October. | | |  | |
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