• Italy Permits VAT Payments on Cash Receipt Basis
  Italy introduces VAT Cash Accounting Scheme allowing VAT payment on cash (receipt) basis with effect from 1 December 2012. It is mandatory for the taxable person to indicate in invoices, if the cash accounting scheme has been applied.
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• Portugal Amends Income Tax Law
  Portuguese government recently approved the Corporate Income Tax (CIT) reform. The key elements of the reform offer simplification, increased competitiveness and decreased CIT. These new rules have come into force from 1 January 2014, reports Nair & Co.’s International Tax team.
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• Portugal Business Guide
  Portugal Business Guide - Nair & Co. helps organization set up and operate in Portugal with legal entity set up support that includes managing the complete legal entity documentation and registration process. We advise companies on Portugal employment laws, help manage payroll, corporate taxes, VAT/Indirect Tax and day-to-day accounting issues.
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• Portugal Introduces Extraordinary Investment Tax Credit to Boost Investment
  The Portuguese government has recently introduced an extraordinary investment tax credit with effect from July 17, 2013. The new measure is expected to create a congenial ambience for investment and will encourage investment, growth and employment, in Portugal.
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• Portuguese Exempt Withholding Taxes on certain foreign remittances
  The Portuguese government has adopted the EU Directive to reduce exempt withholding tax applicable on interests and royalties, reports Nair & Co.’s International Tax Compliance Services Team.
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• VAT Updates: China, Czech Republic, Romania, Portugal
  China’s pilot scheme for VAT which is intended to replace the current business tax in Shanghai is likely to be extended to Beijing in July, Czech Republic confirms the treatment of local reverse charge where both the supplier and the customer are VAT payers.Portuguese government raises VAT and Excise Duty in the autonomous region of Madeira effective from April 1, 2012.
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