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REDUCTION OF THE TERM OF THE GUARANTEE TO BE GRANTED FOR VAT REFUND PURPOSES

June 2009 - Tax & Private Client. Legal Developments by Abreu Advogados .

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Last June 5 was published Decree-Law No. 136-A/2009 that reduced the term of the guarantee that the taxpayers have to grant to the Tax Authorities when requesting VAT refunds, from one year to six months.

According to the law, the Portuguese General-Directorate for Taxes may request the granting of an adequate guarantee when the taxpayer requests a VAT refund that is higher than €1,000 (one thousand euros). The term of the guarantee granted by the taxpayer was of one year, but with this amendment, it was now reduced to 6 months.

Considering the current economic and financial context this amendment is very relevant since it minimizes the constraints and costs involved in obtaining this kind of guarantees.

(Portuguese)

 

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