Accounting and consulting services for business in Lisbon

In Portugal, basic bookkeeping requirements include:

– Registration of a business with local tax authorities and issuance of a unique tax identification number (NIF);
– Accounting standards and principles must be followed, including duplicate entry and appropriate documentation of all financial transactions;
– Accounting documentation must be kept for the statutory minimum period of time;
– Providing tax authorities and other stakeholders with timely and accurate reports.

Different tax rates apply to enterprises in Portugal.

Some of the more significant taxes are:

– VAT, which has a standard rate of 23% and reduced rates of 6%, 13%, and 20%;
– income tax, which is 21% for most businesses;
– tax on salaries and wages, which is based on employees’ monthly income and can be up to 48%;
– and property tax, which is distributed among municipalities and varies depending on the location and value of the property.

In Portugal, reporting dates vary based on the size and type of business.

– Quarterly tax returns must be filed within 10 days of the end of each quarter;
– annual tax returns must be filed by May 31 of the following year;
– and monthly salary reports must be filed by the 10th of the month.

Accounting features in Portugal include the following:

– The use of the Portuguese accounting system (SNC);
– Some major firms are required to use International Financial Reporting Standards (IFRS);
– Taxation specifics, such as laws on tax deductibility, asset depreciation, and so on, must be considered.

In accounting in Portugal, additional laws and regulations may apply, such as:

– Municipal tax rates and regulations;
– Labor laws that govern wage payment, social contributions, and other employee-related issues;
– Financing and investment laws that may have an impact on accounting and reporting, particularly for businesses involved in financial transactions.