OE2021: 'Implementation times' of 'IVAucher' will be subject to specific assessment

'IVAucher' is one of the solutions designed by the Government to stimulate consumption in three of the sectors with significant declines in activity as a result of the covid-19 pandemic, and it is estimated that the total VAT paid by consumers in expenditure on hotels, restaurants and cultural activities carried out in one quarter, be slaughtered in consumption carried out in the same sectors in the following quarter.

The details of the operation of the 'IVAucher' will be subject to its own regulation and the "implementation times" of this measure will also have a "specific assessment" taking into account, in particular, the evolution of the pandemic, said a source from the Ministry of Finance.

In response to Lusa on how the measure to encourage consumption in the sectors of catering, accommodation and culture, as provided for in the State Budget proposal for 2021 (OE2021), an official source from the Ministry of Finance, stressed that the “specificities ”Of the measure“ will be subject to their own regulations ”.

Stressing that the principle of the measure is based on “the accumulation [of VAT incurred in those three sectors] for a period of three months and the use for an equal period of three months”, the same official source added that “the implementation times [of the measure ] are subject to specific assessment at an opportune time taking into account, inter alia, the evolution of the pandemic context ”.

'IVAucher' is one of the solutions designed by the Government to stimulate consumption in three of the sectors with significant declines in activity as a result of the covid-19 pandemic, and it is estimated that the total VAT paid by consumers in expenditure on hotels, restaurants and cultural activities carried out in one quarter, be slaughtered in consumption carried out in the same sectors in the following quarter.

In total, the Government expects the measure to allow taxpayers to accumulate (and spend), through VAT, a credit of around 200 million euros.

According to simulations by the consultancy Deloitte, it will be necessary for each family to spend the equivalent of 445 euros so that the global value of VAT is accumulated by consumers, assuming that 70% of purchases are made in restaurants, 20% in accommodation and 10% in cultural activities.

Lusa also questioned the Ministry of Finance on whether a maximum VAT credit amount per taxpayer or aggregate is foreseen, the list of products and services in the cultural sector that will be covered or whether the value accumulated in the quarter through various purchases can be discounted in a single one in the following quarter, but the same official source sent these details to the phase of regulation of the measure.

The OE2021 proposal was delivered by the Government to the parliament on October 12, with the vote generally scheduled for the next 28, in the Assembly of the Republic.

Read more
Recommended

Visits to the JE website soar in November, rising 33% to 5,8 million

The number of users of the Jornal Económico website increased 30% in November, compared to October, to a total of 2,7 million. Mobile accesses represented 79% of the total. Multimedia platform JE TV has more and more viewers. Thank you for your preference!

OECD says world economy will contract 4,2% in 2020, recovering 4,2% and 3,7% in the following years

China will concentrate a third of world growth in 2021 and is the only major economy to end 2020 on a positive note. The eurozone is down 7,5% this year, and in the following years it will have, like the United States, “a contribution less than its weight in the world economy” when it comes to recovery.

OECD expects the Portuguese economy to grow only 1,7% in 2021 and 1,9% in 2022

“Economic Outlook” foresees a slower recovery of the national economy than expected by the Government and a peak in unemployment next year. But it revises downward the drop in GDP in 2020, pointing to 8,4%.
Comments