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Effective Strategies to get rid of your Debts

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I. Introduction
II. Assess your financial situation
III. Develop a payment plan
IV. Reduce expenditure and increase income
V. Use smart payment strategies
VI. Track progress and celebrate achievements
VII. Conclusion

Introduction

Living with debt can be a challenging and stressful situation. However, with the right strategies, it is possible to eliminate debt and achieve the much-desired financial stability. In this article, we will present some effective strategies that can be adopted to overcome debt and achieve financial stability.

Assess the Financial Situation

Before you start drawing up a debt elimination plan, it is essential to assess your current financial situation. Make a list of all debts, including the total amount and associated interest rates. Also analyse your monthly budget, identifying fixed and variable expenses as well as disposable income. This assessment will help you get a clear picture of the situation and set realistic goals to eliminate debts.

Develop a Payment Plan

Based on the financial situation assessment, develop a detailed payment plan. Prioritise debts according to interest rates and total amount, starting with debts with higher rates. Set monthly payment goals and define a schedule for paying off each of the debts. It is important to maintain minimum payments on all debts, while directing extra resources to pay off priority debts.

Reduce Expenses and Increase Revenue

In order to speed up the process of paying off debts, it is crucial to reduce expenses and find ways to increase income. Analyse your budget and identify areas where cuts can be made, such as superfluous spending or unnecessary services. Also consider options to increase income, such as freelance work, online sales or other temporary work opportunities. Every amount saved or additional income will contribute to paying off debts faster.

Use Smart Payment Strategies

In addition to following the established payment plan, there are smart strategies that can help speed up the process of paying off debts. For example, you could consider debt consolidation, which involves taking out a loan to pay off all existing debts and being left with a single debt to repay. This can make it easier to manage and often results in lower interest rates. Another strategy is to negotiate with creditors to obtain interest reductions or more favourable payment plans. These options can help ease the financial burden and speed up debt repayment.

Track Progress and Celebrate Achievements

During the debt repayment process, it is important to track progress and celebrate achievements along the way. With each debt paid off, celebrate the milestone reached and enjoy the feeling of financial relief. Use tracking tools, such as spreadsheets or apps, to monitor progress and visualise progress. This constant tracking will help maintain motivation and determination to achieve financial freedom.

Conclusion

Eliminating debt requires planning, discipline and determination, but it is an achievable goal. By assessing your financial situation, developing a payment plan, reducing expenses, increasing income and using smart strategies, you will be on your way to financial freedom. Track progress, celebrate each achievement along the way, and stay focused on achieving the financial stability you want. With dedication and effort, you can eliminate debt and build a stronger financial future.

Golden Executive – Consultores, Lda | Technical Advisory Department

This text is merely informative and does not exempt the reading and interpretation of the supporting legislation in force, as well as for taking any decision or action that may affect your assets or business you should consult Golden Executive – Consultores, Lda.

Financial Advice in Portugal: Maximising your Financial Potential

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I. Introduction to Financial Advice in Portugalstrong
A. The role of financial counselling today B. Importance of financial counselling for individuals and businesses C. Overview of the financial counselling sector in Portugal

II. Benefits of Financial Counselling
A. Financial assessment and strategic planning 1. Analysis of current financial situation 2. Definition of financial goals and objectives 3. Development of customised strategies B. Investment management 1. Risk and return assessment 2. Portfolio diversification 3. Regular monitoring and adjustments C. Retirement planning 1. Calculation of future income needs 2. Identification of suitable savings products 3. Ongoing monitoring and adjustments as needed

III. Financial Advisory Process
A. Information gathering and analysis 1. Initial meetings and interviews 2. Evaluation of financial documents 3. Detailed analysis of the financial situation B. Customised recommendations 1. Identification of areas for improvement 2. Personalised recommendations 1. Identification of areas for improvement 2. Definition of strategies and solutions 3. Presentation and discussion of recommendations C. Implementation and monitoring 1. Implementation of agreed strategies 2. Regular follow-up and adjustments as needed 3. Periodic reassessment of objectives and targets

IV. How to choose a financial adviser in Portugal
A. Research and references 1. Search for qualified professionals 2. Verify credentials and certifications 3. Obtain references and recommendations B. Compatibility and personal chemistry 1. Initial meetings to assess communication 2. Alignment of values and goals 3. Building mutual trust Compatibility and personal chemistry 1. Initial meetings to assess communication 2. Alignment of values and goals 3. Building mutual trust C. Transparency and professional ethics 1. Assessment of the consultant’s ethical stance 2. Clarity on fees and remuneration 3. Clear and complete service agreement

V. Conclusionstrong
A. Positive impact of financial counselling B. Opportunities for growth and financial security C. Importance of seeking specialised guidance

Introduction to Financial Consultancy in Portugal

In the modern era, financial cunsulting plays a crucial role in the lives of individuals and businesses. Through expert guidance and tailored strategies, financial advice seeks to help individuals achieve their financial goals and businesses optimise their financial management. In this article, we will explore the importance of financial counselling in Portugal and provide an overview of the sector in the country.

Benefits of Financial Consultancy

Financial counselling offers a wide range of benefits to both individuals and businesses. By assessing the current financial situation and defining goals and objectives, financial counsellors can develop personalised strategies to achieve financial success.

Financial advice plays a key role in investment. With risk and return analysis, portfolio diversification and regular monitoring, advisers help clients make informed decisions and maximise the growth potential of their investments.

Another area where financial advice is extremely valuable is retirement planning. Advisers can calculate future income needs, identify suitable savings products and ensure clients are on track to enjoy a comfortable retirement.

Financial Consulting Process

The financial counselling process follows well-defined steps. First, the counsellor collects detailed information about the client’s financial situation through meetings and analysis of financial documents. Then, the adviser develops personalised recommendations, identifying areas for improvement and proposing strategies and solutions.

After the presentation and discussion of the recommendations, the implementation of the agreed strategies begins. The counsellor regularly monitors the client’s progress, making adjustments as necessary and periodically reassessing the objectives and targets set.

How to choose a financial adviser in Portugal

Choosing the right financial counsellor is a crucial step in getting the best results. By conducting careful research, it is possible to find qualified professionals with recognised credentials and certifications. In addition, it is advisable to obtain references and recommendations from other satisfied clients.

Personal compatibility is another key factor. It is important that there is a positive empathy between the client and the counsellor, allowing for clear and efficient communication. In addition, it is essential that values and goals are aligned, creating a solid foundation for the relationship.

Finally, it is essential to consider transparency and professional ethics. Evaluating the consultant’s ethical behaviour, understanding the fees and remuneration, and obtaining a clear and complete service agreement are essential steps to ensure a trustworthy and successful partnership.

Conclusion

Financial advice plays a significant role in the financial lives of individuals and the success of businesses in Portugal. By seeking expert guidance, it is possible to maximise financial potential, achieve investment goals, ensure a comfortable retirement and enjoy financial security.

So don’t hesitate to look for a qualified financial advisor, conduct careful research, consider personal compatibility and value transparency and professional ethics. We will be happy to support your project knowing that you will be on the right track to achieve your financial goals.

Golden Executive – Consultores, Lda | Technical Advisory Department

This text is merely informative and does not exempt the reading and interpretation of the supporting legislation in force, as well as for taking any decision or action that may affect your assets or business you should consult Golden Executive – Consultores, Lda.

SIFIDE II: What is it and how can you apply?

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I. Introduction to SIFIDE

A. What is SIFIDE? B. Objectives of SIFIDE C. Benefits for businesses

II. How SIFIDE works

A. Eligibility Criteria 1. Research and Development (R&D) Activities 2. Types of Eligible Expenditures 3. Required Documentation B. Calculation of tax benefit 1. Base rate and incremental rate 2. Deduction limit and benefit period 3. Deduction and use of tax credit

III. Examples of application of SIFIDE

A. Technology company: Software development B. Pharmaceutical Industry: Research of new drugs C. Automotive Sector: Innovation in electric vehicles.

Introduction to SIFIDE

Although the applications for this year have already closed, this incentive will be in force until 2025. So you can already start preparing for the next periods, in case you are eligible. Let’s get to know Sifide II better:

The System of Tax Incentives for Business Research and Development, known as SIFIDE, is a tax regime in Portugal aimed at fostering research and development (R&D) activities carried out by companies. Through SIFIDE, companies can obtain significant tax benefits, encouraging them to invest in innovation and technological improvements. In this article, we will explore in detail how SIFIDE works and its main benefits for companies.

What is SIFIDE?

SIFIDE is a system created by the Portuguese government with the purpose of supporting companies that engage in R&D activities. These activities may include scientific research, experimental development, creation of new products or processes, among others. SIFIDE seeks to encourage innovation and competitiveness of companies, recognizing the costs and risks associated with these activities.

SIFIDE Objectives

SIFIDE’s main objective is to stimulate companies to invest in R&D, promoting the generation of knowledge, the creation of qualified jobs and the increase of competitiveness in the market. Furthermore, SIFIDE aims to boost the development of strategic sectors of the Portuguese economy, encouraging the modernisation and sustainability of companies.

Benefits for businesses

Companies that qualify for SIFIDE can enjoy several benefits. The most significant is the possibility of tax deduction of a percentage of R&D-related costs when determining taxable profit. This reduces the tax burden on companies’ income, allowing them to invest more in R&D activities. Furthermore, SIFIDE also provides for the use of tax credits, which can be offset in future tax periods or claimed in reimbursement.

syphids II framework
Absolute figures for the years in force of Sifide. More information can be found on ANI’s website.

How SIFIDE works

To enjoy the benefits of SIFIDE, companies must meet certain eligibility criteria and follow the procedures established by the programme. We will examine the main aspects of how SIFIDE works.

Eligibility Criteria

  1. Research and Development Activities (R&D)

To benefit from SIFIDE, a company must be involved in R&D activities. This can include research and development of new products, the creation of new processes or significant improvements in existing products or services. It is important that the activities are technically challenging and aim at scientific or technological breakthroughs.

  1. Types of eligible expenditure

SIFIDE allows companies to deduct a portion of the costs related to R&D activities. This includes expenses with qualified personnel, acquisition of specialized equipment, contracting external consultancy, among others. It is essential to keep accurate records and adequate documentation to prove the expenses incurred.

  1. Necessary documentation

To apply for SIFIDE benefits, the company must submit the appropriate documentation proving the R&D activities carried out and the associated costs. This may include technical reports, proof of expenses, description of the R&D projects, among other documents. It is essential to follow the guidelines established by the tax authorities to ensure the eligibility and success of the application.

Calculation of the tax advantage

  1. Base rate and incremental rate

The SIFIDE tax benefit is calculated on the basis of two rates: the base rate and the incremental rate. The base rate represents a fixed percentage of eligible costs, which can be deducted from the company’s taxable profit. The incremental rate is an additional percentage applied to costs that exceed the amount spent on R&D in the previous period. This rate encourages companies to increase their R&D investments over time.

  1. Deduction limit and benefit period

SIFIDE sets a maximum limit on the tax deduction a company can claim. This limit is determined by the type of R&D activity and the size of the company. In addition, the SIFIDE tax benefit is applied for a specific period of time, usually several consecutive years. This allows companies to plan and carry out long-term R&D projects, knowing that they will be able to take advantage of the tax benefits over that period.

  1. Deduction and use of the tax credit

The tax deduction obtained through SIFIDE can be used to reduce the tax payable by the company. If the deduction is greater than the tax due, the excess amount can be offset in future tax periods or claimed as a refund. This flexibility helps companies manage their cash flows and maximise the benefit from SIFIDE.

Examples of application of SIFIDE

In order to illustrate the application of SIFIDE in practice, let us consider some examples in different sectors.

Technology company: Software development

A technology company engaged in software development can benefit from SIFIDE by investing in research and innovation to improve its products. For example, the company may be working on a new business management system that uses advanced algorithms for data analysis. During the development process, the company incurs expenses in hiring specialized programmers, purchasing equipment and software licenses.

By using SIFIDE, the company can deduct a portion of these expenses in its income tax return. This will reduce the company’s taxable profit and, consequently, its tax burden. This tax saving will allow the company to invest in more research and development resources, promoting continuous innovation and improving its competitiveness in the market.

Pharmaceutical industry: research into new drugs

In the pharmaceutical industry, the research and development of new drugs is key to scientific advancement and the development of innovative treatments. A pharmaceutical company investigating new drugs to treat specific diseases can benefit from SIFIDE.

The costs involved in clinical research, efficacy testing, clinical trials and drug registration can be considerable. However, by using SIFIDE, the company can deduct a portion of these costs in its income tax return, reducing its tax burden. This encourages the company to continue investing in research that may lead to the development of innovative medicines, benefiting both the company and the patients who may benefit from these new therapies.

Automotive: Innovation in electric vehicles

With the growth in environmental awareness and the search for more sustainable solutions, the automotive sector has increasingly invested in the research and development of electric vehicles. A car manufacturer developing new electric car models can benefit from SIFIDE.

By using SIFIDE, the company can deduct a portion of the costs related to research, development and innovation in electric vehicles. This includes expenses with engineers specialised in electric mobility, testing of batteries and electric propulsion systems, as well as the acquisition of green technologies.

Through SIFIDE, the company may reduce its tax burden, allowing it to invest even more in research and development of electric vehicles. This tax deduction contributes to the advancement of sustainable mobility and the creation of cleaner and more efficient transport solutions.

These are just a few examples of all the areas that can make an application.

Conclusion

SIFIDE plays a crucial role in promoting innovation and encouraging R&D activities carried out by companies in Portugal. By providing significant tax benefits, SIFIDE encourages companies to invest in scientific research and technological development, boosting the country’s economic advancement and competitiveness.

Golden Executive – Consultores, Lda | Technical Advisory Department

This text is merely informative and does not exempt the reading and interpretation of the supporting legislation in force, as well as for taking any decision or action that may affect your assets or business you should consult Golden Executive – Consultores, Lda.

How artificial intelligence will impact the accounting of the future

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Como a inteligência artificial terá impacto na contabilidade do futuro

In recent years, artificial intelligence (AI) has had a significant impact on a number of industries, and accounting is no exception. The technology has the potential to revolutionise the way businesses handle their finances, creating a more efficient and accurate environment. In this article, we will discuss how AI will impact the accounting of the future.

AI has the ability to automate repetitive and mundane processes, which saves time and reduces the risk of human error. In accounting, AI can be used to automate tasks such as data entry, account reconciliation and classification of financial transactions. With the help of AI, companies can save valuable time and resources and direct them towards more important activities, such as data analysis and decision-making.

In addition, AI can help identify and prevent financial fraud. Using sophisticated algorithms, AI can detect unusual patterns in financial transactions and alert companies to potential fraud. This can help prevent significant financial losses and protect the integrity of company finances.

Another area where AI can have a significant impact on accounting is in data analysis. With the ever-increasing amount of financial data available, manual analysis can be time-consuming and error-prone. AI can analyse large sets of financial data in a matter of minutes, providing valuable insights for businesses. For example, AI can help identify sales trends, investment opportunities and possible areas for cost reduction.

However, implementing IA in accounting is not a magic solution. There are some challenges that companies need to overcome. One of them is data quality. AI can only be as good as the data it receives, and if the data is inaccurate or incomplete, AI can produce incorrect results. Businesses need to ensure that their data collection and storage systems are accurate and reliable so that AI can deliver accurate results.

Another challenge is integrating AI with existing systems. Many companies have existing accounting and finance systems that were designed to work without AI. Integrating AI into these systems can be complicated and may require significant investments in technology and training.

Finally, the implementation of AI in accounting raises ethical and legal issues. AI can make important decisions based on financial data, but who is responsible if AI makes a mistake? How is financial data protected and kept secure? Companies need to carefully consider these questions when implementing AI in their financial systems.

In conclusion, AI has the potential to revolutionise accounting and finance of the future. By automating mundane tasks, identifying financial fraud, analysing large data sets and providing valuable insights, AI can help businesses save valuable time and resources and make more informed financial decisions as long as it is monitored by someone who has in-depth knowledge of the area to ensure the reliability and consistency of the information.

Golden Executive – Consultores, Lda | Technical Advisory Department

This text is merely informative and does not exempt the reading and interpretation of the supporting legislation in force, as well as for taking any decision or action that may affect your assets or business you should consult Golden Executive – Consultores, Lda.
NEW MEASURES TO EASE SEVERAL REPORTING OBLIGATIONS.

Investing in your future: Smart financial planning tips

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Investindo no seu futuro- Dicas de planeamento financeiro inteligente

Investing in your future is one of the most important decisions you can make. Financial planning isn’t just about saving money, it’s about making smart decisions that will secure your financial future. With so many options available, it can be difficult to know where to start. However, with the right planning and guidance, you can make informed decisions that will help you achieve your financial goals. In this article, we will provide you with smart financial planning tips that will help you invest in your future. We’ll explore different investment options, discuss budgeting and saving strategies, and provide tips on how to avoid financial pitfalls. By the end of this article, you’ll have the knowledge and confidence you need to make informed decisions and take control of your financial future. So, let’s dive into the world of smart financial planning and start investing in your future today!

The importance of financial planning

Financial planning is an essential tool for achieving financial stability. The first step in financial planning is to define your financial goals. What are your short and long-term financial goals? Do you want to save for a trip, buy a house or retire comfortably?

The second step is to assess your current financial situation. This includes examining your current expenses and income, checking your bank account balance and identifying any outstanding debts. This includes examining your current expenses and income, checking your bank account balance and identifying any outstanding debts. This will help you understand your current financial situation and make informed decisions about how to achieve your financial goals.

Finally, it is important to create a budget plan to help you achieve your financial goals. This involves identifying your essential expenses, such as housing, food and transportation, and creating a limit on your discretionary spending. By creating a budget, you can identify areas where you can save money and work towards achieving your financial goals.

Definition of financial objectives

To achieve your financial goals, it is important to clearly define what you want to achieve. This can include both short-term and long-term financial goals. A short-term financial goal might be to save money for a trip or a new car. A long-term financial goal might be saving for retirement or your children’s college.

When setting your financial goals, it is important to be specific and realistic. Make sure your financial goals are achievable and that you have a plan to achieve them. It is also important to review your financial goals periodically and adjust them as needed.

Assessing your current financial situation

To achieve your financial goals, it is important to understand your current financial situation. This includes examining your current income and expenses, checking your bank account balance and identifying any outstanding debts.

When assessing your current financial situation, it is important to identify your essential expenses and separate them from your discretionary expenses. This will help you understand where your money is going and identify areas where you can save money.

It is also important to identify any outstanding debts and create a plan to pay them off. This could include creating a monthly payment plan or consolidating your debts into a loan with a lower interest rate.

Investing in your future - Smart financial planning tips

Budgeting for success

Creating a budget is one of the most important steps in financial planning. A budget helps you identify your essential and discretionary expenses and create a limit on your discretionary spending.

When creating a budget, it is important to identify your essential expenses, such as housing, food and transport, and create a limit for your discretionary spending. It is also important to identify areas where you can save money, such as cutting unnecessary expenses or negotiating lower utility bills.

When creating a budget, it is important to be realistic and flexible. Make sure your budget is achievable and adjust it as necessary.

Understanding investment options

To invest in your financial future, it is important to understand your investment options. There are several types of investments available, including stocks, bonds and mutual funds.

Stocks are one of the most popular investment options. Shares represent a stake in a company and can offer potentially high returns, but also present potentially high risks.

Bonds and savings certificates are another popular investment option. These are loans you make to the government or a company and offer a fixed interest return.

Mutual funds are a more diversified investment option. Mutual funds are a pool of money from various investors that is used to invest in various companies and sectors.

Types of investment to consider

When investing in your financial future, it is important to consider various types of investments. This helps to diversify your portfolio and reduce risk.

Individual shares can be a risky investment option but can offer potentially high returns. It is important to research companies carefully before investing in their shares.

Bonds are a more conservative investment option. Bonds offer a fixed interest return and are less risky than equities.

Mutual funds are a more diversified investment option. Mutual funds invest in various companies and sectors, reducing the investment risk.

Diversify your portfolio

When investing in your financial future, it is important to diversify your investment portfolio. This helps to reduce risk and increase potential returns.

Diversification involves investing in a variety of assets, including stocks, bonds and mutual funds. It is also important to diversify your investments into different sectors, such as technology, healthcare and energy.

When diversifying your portfolio, it is important to balance your investments according to your financial goals and risk tolerance.

Retirement planning

Planning for your retirement is an important part of financial planning. It is essential to start planning for retirement as early as possible and consider various investment options.

A popular investment option for retirement is an individual retirement savings plan (PPR). PPRs allow you to save money for retirement and still have tax benefits.

Tax planning strategies

Tax planning can help reduce your tax burden and maximise your investments. There are a number of tax planning strategies available, including setting up RPPs, charitable giving and estate planning.

When creating a tax planning plan, it is essential to work with a qualified tax professional and understand local tax laws.

Working with a financial adviser

Working with a financial advisor can help you make informed decisions about your investments and achieve your financial goals. A financial advisor can help you assess your current financial situation, create a budget plan and identify investment options.

When working with a financial adviser, it is important to research carefully and choose someone with the right experience and credentials.

Conclusion

Investing in your financial future is one of the most important decisions you can make. With the right planning and guidance, you can make informed decisions and achieve your financial goals. By defining your financial goals, assessing your current financial situation, creating a budget plan and identifying investment options, you can invest in your financial future and ensure long-term financial stability.

Golden Executive – Consultores, Lda | Technical Advisory Department

This text is merely informative and does not exempt the reading and interpretation of the supporting legislation in force, as well as for taking any decision or action that may affect your assets or business you should consult Golden Executive – Consultores, Lda.
NEW MEASURES TO EASE SEVERAL REPORTING OBLIGATIONS.

NEW MEASURES TO EASE SEVERAL REPORTING OBLIGATIONS

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NOVAS MEDIDAS DE FLEXIBILIZAÇÃO DE DIVERSAS OBRIGAÇÕES DECLARATIVAS

Portuguese Government has approved new measures to ease several declarative, payment and invoicing obligations.

It was also published the postponement of the delivery of the SAF-T (PT) file, related to accounting.

Postponement of SAFT/IES

Submission of SAF-T (PT) file on accounting, as well as the information to be provided through the IES, is extended for another year.

Thus, the rules defined in 2019 will only apply to the IES/DA of the 2024 and subsequent periods, to be delivered in 2025 or subsequent periods.

However, the requirement relating to the single document code (ATCUD), and its affixing on all invoices and other fiscally relevant documents will be mandatory from 1 January 2023.

Thus, as of that date, and in relation to transport documents, it is established that the documents communicated to the AT are considered to have been shown as long as the identification code is presented, and the unique document code and the two-dimensional bar code (QR code) are presented, when this is compulsory.

We recall that extraordinary support is in force for the implementation of the SAF-T (PT) file submission regarding accounting and single document code, which only applies to micro, small and medium-sized companies, and which is in force until the end of 2023.

Payment of taxes by instalments

Regarding the regime for payment in instalments of taxes in the pre-executive and executive phases, which approved exceptional regimes for payment in instalments in the year 2022, a new rule is added.

Therefore, and with effect from 15 November 2022, an exceptional regime of relaxation of tax obligations for 2022 is established.

Thus, taxable persons qualified as cooperatives or as micro, small and medium-sized enterprises or as small mid-caps, may be exempt from half of the 3rd payment on account of IRC for the tax period beginning on or after 1 January 2022, without prejudice to the application of the rule on limitations to payments on account of IRC for the part not covered by the exemption.

This rule only applies to supplies made by the controlling company as a result of the application of the special regime for the taxation of groups of companies under the IRC Code when all the companies in the group are classified as micro, small, medium or small-medium capitalisation companies.

In November and December 2022, the taxable persons referred to – cooperatives or as micro, small and medium-sized enterprises or as small-medium capitalisation enterprises – may pay the monthly or quarterly VAT in three or six monthly instalments, of a value equal to or greater than €25, without interest.

As of 1 January 2023, a complementary regime of deferred tax obligations comes into force.

Thus, VAT payment obligations can be met:

  • by the end of the period for voluntary payment;
  • up to three monthly instalments, of a value equal to or greater than EUR 25, without interest or penalties, in respect of the obligations to be fulfilled in the first half of 2023; or
  • up to three monthly instalments, of a value equal to or greater than 25 euros, without interest or penalties, not exceeding the number of months remaining until the end of the year in question, for obligations to be fulfilled in the second half of 2023.

Monthly instalments for instalment plans are due as follows:

  • first instalment, on the date of fulfilment of the relevant payment obligation; and
  • remaining monthly instalments, on the same date of the following months;
  • requests for payment in monthly instalments are submitted electronically until the deadline for voluntary payment;
  • payments by instalments covered by this scheme do not depend on the provision of any guarantees;
  • taxpayer must have his tax and social security situation in order.

References

Decree-Law No. 85/2022 – DR No. 244/2022, Series I of 21.12.2022, Articles 6, 7
Decree-Law No 125/2021 – DR No 252/2021, Series I of 30.12.2021, new Articles 16b and 16c
Order No. 331-D/2021 – DR No. 253/2021, 3rd Suppl, Series I of 31.12.2021
Decree-Law no. 147/2003 – DR no. 158/2003, Series I-A of 2003-07-11

Source: OCC

Golden Executive – Consultores, Lda | Technical Advisory Department

This text is merely informative and does not exempt the reading and interpretation of the supporting legislation in force, as well as for taking any decision or action that may affect your assets or business you should consult Golden Executive – Consultores, Lda.
NEW MEASURES TO EASE SEVERAL REPORTING OBLIGATIONS.

Flexibilization of the tax calendar

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FLEXIBILIZAÇÃO CALENDÁRIO FISCAL

The Secretary of State for Tax Affairs has ordered a relaxation of the tax calendar.

Despacho n.º 8/2022-XXIII, de 13/12, do SEAF

Communication of inventories to the AT

  1. The communication of the elements of invoices and other fiscally relevant documents to the E-Fatura Portal (art. 3 of Decree-Law 198/2012, of 24 August) can be made until the 8th day of the month following their issue, without any penalty;
  2. In relation to the communication obligations in August, this is transferred to the last day of that month, working day or not (article 57-A of the LGT).

The tax administration will implement an alert system, sending out communications to support compliance to taxpayers who do not make this report on time (until the 5th day of the month following the issue of the invoice.

Electronic invoices for tax purposes

  1. Inventory reporting for 2022 tax period can be done until the end of February 2023, or until the end of the 2nd month following the end of the tax period for taxpayers with a tax period different from the calendar year;
  2. Inventory reporting continues to be made without the respective valuation, using the reporting file format initially set out in Order-in-Council no. 2/2015, of 6 January. The valuation of inventories provided for in Ministerial Order no. 126/2019, of 2 May continues not to be reported.

Electronic invoices for tax purposes

It continues to be possible to use mere “PDFs” when issuing invoices during 2023, being considered as electronically processed invoices for tax purposes under article 12 of Decree-Law no. 28/2019 and article 10 of article 36 of CIVA.

References

Administrative Order No. 8/2022-XXIII, SEAF, dated 13.12.2022

Source: OCC

Golden Executive – Consultores, Lda | Technical Advisory Department

This text is merely informative and does not exempt the reading and interpretation of the supporting legislation in force, as well as for taking any decision or action that may affect your assets or business you should consult Golden Executive – Consultores, Lda.
Flexibilization of the tax calendar

NEW MEASURES TO SUPPORT TOURISM

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NOVA MEDIDA APOIAR TURISMO

The APOIAR Programme Regulation has a new Support Tourism measures aimed at financing the accommodation, restaurants and similar and other tourism activities sector, with an allocation of 70 million euros, to be attributed by Turismo de Portugal.

The ordinance came into force on December 14.

This reinforcement stems from the Medium-Term Agreement on Improving Income, Wages and Competitiveness, signed between the Government and social partners in October, which provides for administrative simplification and the elimination of context costs for companies in the accommodation, catering and tourism sector.

Thus, it increases the support to tourism companies that were supported in the scope of the Programme Apoiar due to the impacts of the pandemic, considering now the current context – effects of inflation, increased energy costs and conflict in the European space.

The support to be granted takes the form of a non-refundable subsidy and corresponds to 10% of the final financial support calculated, cumulatively, for each beneficiary company, in the measures Apoiar.pt, Apoiar Restauração and/or Apoiar +Simples, of the APOIAR 2022 Programme.

If, of the support requests presented, the budget allocation foreseen for this measure is not fully used, the unused amount will be redistributed proportionally amongst the applicant companies according to the support initially paid and received. Each beneficiary company may not, however, receive, in the end, a value of support higher than 50% of the value of the final support calculated, cumulatively, within the scope of the measures Apoiar.pt, Apoiar Restauração and/or Apoiar + Simples.

Beneficiaries are companies that:

  • meet the eligibility criteria;
  • have had an application approved under the APOIAR Programme, in the measures Apoiar.pt, Apoiar Restauração or Apoiar +Simples;
  • they develop their main economic activity within the list of the envisaged CAE.

The list of eligible activity codes in the TOURISM SUPPORT is as follows:

Section I – Hotels, restaurants and similar accommodation

55: Accommodation.

56: Catering and similar.

Section II – Other tourism activities

77: Rental activities.

79: Travel agencies, tour operators, other reservation services and related activities.

823: Organisation of fairs, congresses and other similar events.

86905: Thermal activities.

93210: Activities of amusement parks and theme parks.

93211: Activities of travelling amusement parks.

93292: marina activities.

93293: Organisation of tourist entertainment activities.

93294: Other amusement and recreation activities n.e.

93295: Other itinerant entertainment activities.

Section III – Other cultural activities

90: Theatre, music, dance and other artistic and literary activities.

91: Activities of libraries, archives, museums and other cultural activities.

Section IV – Service activities

93110: Management of sports facilities.

93192: Other sporting activities n.e.

The beneficiaries’ eligibility criteria and required access conditions must be met at the date of formalisation of the application.

Besides developing main activity inserted in the CAE list and having had an application approved under the measures Apoiar pt, Apoiar Restauração or Apoiar +Simples, the company is also required to:

  • is in operation;
  • has not been subject to insolvency proceedings, under the terms of the Insolvency and Corporate Recovery Code;

(both situations are verifiable through the submission of a declaration of compliance, signed by the beneficiary under oath, and the remaining conditions are confirmed through the automatic procedures of the 2020 Branch)

  • have fulfilled all claims relating to ESIF funding;
  • have fulfilled all obligations related to social security and tax authorities.

The application for support is unique for each beneficiary company and must be submitted through a simplified electronic form available on the Simplified Access Platform (PAS Compete).

The access is made through the accreditation of the Tax Authority or through the Citizen Card/Mobile Digital Key in the case of individual entity.

After accessing PAS, the request for support becomes available and is visible at the bottom of the homepage in the menu Others – Support Tourism Line.

COMPETE 2020 recommends that companies prepare and check some elements before submitting the application to speed up the process, namely:

  • the correction of the contact email,
  • whether the IBAN provided is associated with the company’s NIF,
  • the regularisation of the company’s tax and social security contributions,
  • whether the CAE of the company’s economic activity is as such registered in the Information System of the Portuguese Classification of Economic Activities (SICAE) platform.

References

Ministerial Order no. 295-A/2022 – DR no. 238/2022, 1st Supl, Series I of 13.12.2022

Ministerial Order No. 271-A/2020 – DR No. 229/2020, 2nd Supl, Series I of 24.11.2020

Source: All rights reserved to © LexPoint, Lda.

Golden Executive – Consultores, Lda | Technical Advisory Department

This text is merely informative and does not exempt the reading and interpretation of the supporting legislation in force, as well as for taking any decision or action that may affect your assets or business you should consult Golden Executive – Consultores, Lda.

CONSUMER CONTACT LINES

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LINHAS TELEFÓNICAS PARA CONTACTO DO CONSUMIDOR

In 2021, legislation was published that obliges companies to create cheaper alternatives to numbers starting with 707 or 808, which have higher costs. The provision of these free phone lines became mandatory from November 2021, and the application of fines for those who do not comply with the new rules is applicable from June 2022.

This is the regime applicable to the making available and disclosure of consumer contact lines, which applies to consumer contact lines made available by suppliers of goods or services and by entities providing essential public services.

The supervision of compliance with the provisions of this regime, as well as the investigation of the respective administrative offence proceedings and the application of sanctions, are the responsibility of the administrative regulatory authority of the sector in which the infraction occurs or, in the absence of a sectorially competent entity, the Food and Economic Safety Authority.

Obligation to provide information

Thus, any entity that makes telephone lines available for consumer contact must disclose, in a clear and visible manner, in its commercial communications, on the homepage of its website, in invoices, in written communications with the consumer and in contracts concluded with the consumer, when these take the form of writing, the telephone number or numbers provided, which must be associated, in an equally clear and visible manner, with updated information on the price of calls.

Information regarding numbers and prices of calls should be made available starting with freephone and geographic or mobile lines, followed, where appropriate, by the number and price of calls to other lines in ascending order of price.

Where for these purposes it is not possible to provide a single price for the call because it varies between the originating and terminating networks, the following information should be provided instead, as appropriate:

“National landline call”;
“National mobile network Call”.

Telephone lines of the supplier of goods or service provider

The cost to the consumer of calls made to telephone lines made available by the supplier of goods or services for contacting him in the context of a legal consumer relationship may not exceed the cost of his basic tariff.

“Basic tariff” is the cost of a common telephone call that the consumer expects to pay according to the respective telecommunications tariff.

The supplier of goods or service provider must make available to the consumer a free telephone line or, alternatively, a telephone line with a geographic or mobile numbering range.

In the context of a consumer relationship, telephone contact by a consumer with a supplier of goods or services is considered to be contact by telephone.

Telephone calls that constitute an autonomous supply of a service unrelated to the supply of any good or service to the consumer, such as telemedicine and televoting calls and calls intended for fund-raising campaigns, are not to be regarded as telephone calls within the scope of the consumer relationship. In such cases, the consumer may not be charged both the price of the call and an additional price for the service provided, but must pay a single price for the call made.

Telephone lines of an entity providing essential public services

The entity providing essential public services is obliged to make available to the consumer a line for telephone contact, which must be a free line for the consumer or, alternatively, a telephone line with a geographical or mobile numbering range.

For these purposes, “entity providing essential public services” is considered to be the company that provides essential public services, namely water supply, electricity, natural gas and piped liquefied petroleum gases, electronic communications, postal services, wastewater collection and treatment, urban solid waste management and passenger transport, as well as other services that may be qualified as such.

Where, in addition to the freephone or geographic or mobile numbering range telephone line, an additional telephone line is made available, the supplier of goods or services and the provider of essential public services shall not provide a service over the additional line which is manifestly more efficient or faster or on better terms than they provide over the freephone or geographic or mobile numbering range telephone line.

Prohibition of advance charging of other amounts

The supplier of goods or provider of services and the provider of essential public services who are obliged to make available a free telephone line or a telephone line with a geographical or mobile numbering range are prohibited from charging the consumer in advance any amount other than that allowed, on condition that it is refunded to him at the end of the call.

Misdemeanours

From 1 June 2022, the violation of the duty of information referred to above constitutes a serious economic offence.

It is a very serious economic offence:

  • setting the cost to the consumer of calls made to telephone lines made available by the supplier of goods or services to the consumer in the context of a legal consumer relationship above the basic rate;
  • the unavailability of a free telephone line or, alternatively, a telephone line with a geographic or mobile numbering range;
  • charging the consumer both the price of the call and an additional price for the service provided;
  • in the context of the telephone lines of an entity providing essential public services, the unavailability to the consumer of a line for telephone contact, free of charge or a telephone line with a geographical or mobile numbering range;
  • in respect of the additional telephone line, the provision of a service which is manifestly more efficient or speedier or on better terms than that provided over the freephone or geographic/mobile numbering range telephone line;
  • the prior collection of other amounts, on condition that they are returned at the end of the call.

Telephone lines of public entities

From 1 November 2021, all public entities that provide telephone lines with special numbers, with the prefixes “808” and “30”, must create an alternative telephone number with the prefix “2”.

Entities that are part of the central, regional or local public administration and concessionary companies of the central, regional or local public administration are covered by this measure.

As of that date, companies providing essential public services, namely the supply of water, electricity, natural gas and piped liquefied petroleum gases, electronic communications, postal services, collection and treatment of waste water, management of solid urban waste and passenger transport are excluded.

Framework

The regime currently in force establishes that the provision of a telephone line for contact within a consumer legal relationship does not imply the payment by the consumer of any additional costs for the use of that means, beyond the basic tariff, without prejudice to the right of telecommunications operators to bill for those calls.

The application of this rule has been hampered by the absence of a common understanding of the concept of basic tariff, besides the fact that the European directive, which gave rise to the Portuguese legislation, speaks of a “basic tariff”, and the national legislator chose to use the expression “base tariff”.

While the term “basic tariff” refers to an idea of an ideal tariff recommended for all consumers, the term “basic tariff” conveys the idea of a normal tariff for each particular consumer.

The Court of Justice of the European Union (CJEU), in May 2017, held that the concept of the basic rate corresponds to the normal cost of a usual communication that the consumer would expect to bear, i.e. it refers to the usual tariff for telephone communication, without any additional costs for the consumer. It concluded that the cost or price of a call relating to a consumer contract concluded, made to a customer helpline operated by a professional, may not exceed the cost of a call to an ordinary fixed geographical telephone line or to a mobile telephone line.

It is this and other issues that this regime aimed to clarify. On the other hand, the opportunity was taken to definitively regulate the issue of telephone lines made available by entities providing essential public services.

References

Decree-Law 59 2021 numbering of call centres – DR no. 135/2021, Series I of 14.07.2021
Law n.º 24/96, de 31 de julho
Judgment of the Court of Justice No C-568/15 of 2 March 2017

Source: All rights reserved to ©LexPoint, Lda

Golden Executive – Consultores, Lda | Technical Advisory Department

This text is merely informative and does not exempt the reading and interpretation of the supporting legislation in force, as well as for taking any decision or action that may affect your assets or business you should consult Golden Executive – Consultores, Lda.