News News Flash - IVAucher 07/07/2021

The IVAucher programme was set up to stimulate private consumption in the sectors worst affected by the economic impact of the COVID-19 pandemic - catering, accommodation and culture - enabling the recovery of the VAT incurred in these sectors - making it possible to accumulate the VAT (value added tax).

The IVAucher programme has three main phases:

1. Benefit accumulation phase: Beginning on 1 June and ending on 31 August 2021.
During this period, consumers (regardless of whether they have joined the programme) accumulate the VAT paid on purchases of goods and services in the catering, accommodation and cultural sectors.

2. Benefit determination phase: from 1st to 30th September 2021.
It is the period during which the AT (Portuguese Tax and Customs Authority) validates and calculates the amount of VAT borne by each taxpayer in the purchase of goods and services in the catering, accommodation and cultural sectors. The definitive amount will be disclosed to consumers by 30 September 2021.

For this purpose, only invoices that are registered on the e-invoice portal will be considered.

Benefit use phase: between 1 October and 31 December 2021.

In this phase, consumers can choose to pay for goods and services by using the accumulated balance, up to a limit of 50% of the value of each payment they make from traders covered by the IVAucher.

To learn more, access our News Flash here.