Monday, March 1, 2021

Gymnasiums enter IRS 2021. “Button” is still being done on e-Invoice

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Beginning in April, taxpayers will be asked to submit income tax returns for the purpose of calculating the IRS. But it will not be this year that they will be able to discount expenses for gyms or other fitness activities.

As of April 1, taxpayers are required to submit their income statements for the purpose of calculating the IRS. As a rule, it is also a period of doubt. Now, in the last few days, some Portuguese people have asked the question: is it possible to discount the VAT of the gym in the tax?

According to the online newspaper ECO, gym expenses they will only be able to enter the 2021 IRS, to be delivered next year.

“Regarding the possibility of deduction for the invoice requirement, in the IRS, of the expenses incurred in ‘gym activities – fitness’, such measure is included in the State Budget to be effective in the year 2021, not applying to the IRS relative to the year 2020, whose delivery will take place this year, ”an official source from the Ministry of Finance told the digital newspaper.

Taxpayers still have no way to allocate a specific invoice to the specific deduction of VAT for gymnasiums, since this will only be possible when the Tax Authority implements the “Button” on the e-Invoice portal.

“The Tax Authority is carrying out the necessary work to include these invoices in the classification of invoices with the right to deduct part of the input tax, and, when these works are completed, this possibility of classification will be retroactive to January 1, 2021”, explained the same source.

In October 2020, the Portuguese learned that the bills for gymnasiums and other fitness activities would now count towards specific deductions for collection. The idea is to allow 15% of the VAT paid with gyms to be deducted, up to a limit of 250 euros.

ZAP ZAP //

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Samsung will pay R $ 705 million to Petrobras after leniency agreement – Prime Time Zone

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Gymnasiums enter IRS 2021. "Button" is still being done on e-Invoice