Portugal Improves Flat-Rate Scheme For Farmers
Portugal has confirmed the introduction of tax compensation for farmers under the sector’s flat-rate value-added tax (VAT) special scheme to ameliorate the issue of otherwise unrecoverable VAT being incurred on inputs.
The flat-rate special scheme is intended to support Portuguese farmers by enabling them to opt out of standard VAT arrangements and enable them to recover part of the VAT incurred on inputs. This is achieved through a flat-rate amount of compensation (calculated based on macroeconomic statistics), rather than through input tax credits.
Small farmers who join the special scheme will receive compensation worth six percent of total sales to VAT-registered taxpayers, capped at a maximum of EUR600 (USD684) per year, Secretary of State for Fiscal Affairs, Paul Nuncio, told an event hosted by the Confederation of Farmers Portugal. “The simplified tax regime… is very attractive to farmers who have an income between EUR22,600 and EUR 200,000,” he said.
The announcement from Portugal follows infringement proceedings launched by the European Commission in 2009, when it challenged the zero percent compensation rate provided under the scheme.
A number of agricultural inputs are taxed at a rate of five percent in Portugal, while agricultural machinery and agricultural fuel are subject to a rate of 13 percent.
Experience Provider joins TGS Global Network
Experience Provider M.E. Limited, is one of the top public accounting and tax advisory services firms in Jordan. They ar
Quantum Auditors & 123 Consulting joins TGS Global Network
TGS are proud to be in South Africa with our most recent member, Quantum Auditors / 1.2.3. Consulting. With offices situ
Massie Turcotte joins TGS Global Network
TGS are proud to announce a new member in Canada. Massie Turcotte gives TGS a presence that stands out from other
PGK Consultores joins TGS Global Network
TGS is delighted to announce the membership of PGK Consultores, Argentina. PGK is a dynamic firm whose partners began th
Garssa Consulting has joined the TGS Global Network
TGS welcome Garssa Consulting to TGS. In 2012, Garssa Consulting saw a gap in the Colombian market and established a hig