OE2021: fiscal measures with technology

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Rituals are rituals! And once again, the State Budget for the year 2021 was approved by Law No. 75-B/2020 on the last day of the year.

All budgets include new developments compared to previous years. Some more than others, but regardless of the differences, their value or their number, the 2021 State Budget is particularly rich in tax innovations based on technology, namely QR Code, ATCud, SAF-T (PT) for Accounting and IVAucher.

QR Code and ATCud
The two-dimensional code (QR Code) and the Unique Document Code (ATCud), two measures originating from the legislative package for invoicing published in February 2019, were due to come into force on 1 January 2021.

The postponement of these measures, although not official, was already public japan whatsapp number database given the approach of the initial date of entry into force and the number of announcements made by various entities during the preparation of the 2021 State Budget.

In the final version of the rule, the word postponement is replaced by the expression readjustment of tax obligations. Thus, the mandatory adoption of the QR Code and ATCud will only occur in 2022.

Those who adopt the QR Code in advance during 2021 may benefit from tax benefits. These benefits are based on the possibility of considering, for the purposes of calculating taxable income, the expenses incurred for its implementation at 140%, if they occur by the end of the 1st quarter of 2021 or 130% if they occur by the end of the 1st half of 2021.

SAF-T (PT) for Accounting
Similar to the QR Code and the ATCud, the SAF-T (PT) Accounting file is an important measure for the Portuguese State, whose entry into force has been constantly postponed.

After resolving the issues raised regarding data encryption, promoting the submission of the encrypted accounting SAF-T (PT), news has now emerged that, within the scope of the readjustment of tax obligations, the submission of the accounting file for the purposes of pre-filling the Simplified Business Information (IES/DA) will only be applicable to the IES/DA for the periods of 2021 and subsequent periods, to be delivered in 2022 or subsequent periods.

To underline the importance of this measure, a tax benefit is also defined here that will allow, within the scope of calculating the taxable profit of IRC taxpayers and IRS taxpayers with organized accounting, to consider 120% of the expenses accounted for, provided that implementation is completed by the end of the 2021 tax period.

IVAucher
As a new feature in the 2021 State Budget, there is a program to support and stimulate consumption in the accommodation, culture and restaurant sectors - recognized as IVAucher.

In short, the end consumer will accumulate the amount corresponding to the total VAT paid on consumption in the identified sectors during a quarter and use this amount during the following quarter on consumption in these same sectors.

The implementation of this measure raises several problems in terms of the protection of personal data and technological implementation, but what is certain is that it is published in the 2021 State Budget law and will be applicable in that same year.

Regulation of the implementation of the measure is expected so that the technology that will support it is transparent from the point of view of use for the end consumer, but also for the economic operator who at this stage is reluctant to make any type of investment.

An opportunity to prepare news in advance
During 2021, in addition to the normal updates to the structure of tax models to be submitted to the Tax Authority (AT), there are tax obligations that, although they may only be mandatory from 2022 onwards, will be worth making the investment and preparing applications for their early compliance.

In a way, this legislative option allows companies to manage their financial, technological and human resources efforts in a conscious and timely manner, ensuring peace of mind in fulfilling their tax obligations.