Guide to tax obligations in 2024 for companies
Posted: Thu Dec 26, 2024 3:27 am
With a constantly changing tax calendar, it is important for companies to be vigilant and comply with it in detail. In this article, you will find the main tax obligations and their respective compliance dates for 2024, in a guide that will accompany your company throughout the year.
I. Changes in tax obligations in 2024 compared to the previous year
In general, the dates for fulfilling tax obligations, which had been subject to flexibility until last year, will return to normal in 2024. However, there are some obligations that result from legislative changes that were scheduled to come into force in 2023 and 2024, which have since been postponed for a further period.
Communication of valued inventories
The mandatory communication of valued inventories was hungary whatsapp number database to come into force in 2023, compared to 2022, but with the approval of the 2024 State Budget, the deadline was extended. Therefore, the following are exempted:
all taxable persons, in relation to the tax period beginning on or after 1 January 2023;
taxpayers not required to carry out a permanent inventory, in relation to the tax period starting on or after 1 January 2024.
Sending the accounting SAF-T file
With the entry into force of the 2024 State Budget, the submission of the SAF-T (PT) file relating to accounting is only applicable to the periods 2025 and subsequent, to be delivered in 2026 or subsequent periods.
Qualified electronic signature
The 2024 State Budget also defined that the mandatory requirement to affix a qualified digital signature to PDF invoices is postponed for another year: until December 31, 2024, PDF invoices are legally accepted as electronic invoices.
Electronic invoicing in public contracts
A reality for large companies since 2021, for micro, small and medium-sized companies and for public entities as co-contracting entities, the obligation to adopt electronic invoicing within the scope of the execution of public contracts is postponed for another year: they now have to update their systems by December 31, 2024.
II. Tax obligations for companies in 2024
The main tax obligations in 2024 for your company, grouped by type of tax and type of obligation are as follows:
Tax obligations in terms of IRC and IRS
Submission of the Monthly Remuneration Statement (DMR)
Employers must submit the Monthly Remuneration Declaration (DMR), intended to communicate the value of income from dependent work subject to IRS made available to employees, respective tax withholdings, deductions for social protection schemes, among others.
This declaration, referring to the previous month, must be submitted on the Tax Portal by the 10th of each month, unless this is a weekend or public holiday, in which case it is postponed to the following working day. The exception is in August, when it can be submitted up until the 31st due to the tax and contribution holiday regime.
Submission of declaration Model 10
Employers must submit the Model 10 declaration on the Tax Portal to declare income that has not been declared in the DMR. All income received by residents in national territory must be declared, namely, income subject to IRS, including exempt income, income not subject to IRS and income subject to IRC withholding tax at source.
This obligation must be fulfilled annually, by February 10th of the year following the year to which the income corresponds (in 2024, by the 12th, because the 10th is not a working day).
Payment of amounts withheld at source for IRC and IRS purposes
Entities that have withheld tax at source on income from personal income tax (IRS) or corporate income tax (IRC) in the previous month must submit the respective amounts to the State by the 20th of each month or the following business day. The exception is the month of August, with the deadline extended to the 31st, due to the application of the tax holiday regime.
Submission of the Model 30 declaration
Entities that have paid or made available income to non-resident taxpayers in Portugal must report this income using the Model 30 declaration. This declaration must be sent by the last day (or next business day) of the second month following that to which the income relates.
Submission of Model 22 declaration and payment of IRC
Entities subject to IRC must submit the periodic income tax return Model 22 on the Tax Portal and, based on the amount determined, pay the respective tax by the last day of the 5th month following the end date of each tax period – when the tax period coincides with the calendar year, by May 31, whether or not it is a business day.
Submission of Simplified Business Information / Annual Declaration (IES/DA)
Entities required to do so, namely commercial companies, civil companies in commercial form, European public limited companies and companies with headquarters abroad and permanent representation in Portugal, public companies and individual establishments with limited liability, must submit the IES/DA by the 15th day of the 7th month following the end date of the tax period – for those whose tax period coincides with the calendar year, between 1 January and 15 July.
I. Changes in tax obligations in 2024 compared to the previous year
In general, the dates for fulfilling tax obligations, which had been subject to flexibility until last year, will return to normal in 2024. However, there are some obligations that result from legislative changes that were scheduled to come into force in 2023 and 2024, which have since been postponed for a further period.
Communication of valued inventories
The mandatory communication of valued inventories was hungary whatsapp number database to come into force in 2023, compared to 2022, but with the approval of the 2024 State Budget, the deadline was extended. Therefore, the following are exempted:
all taxable persons, in relation to the tax period beginning on or after 1 January 2023;
taxpayers not required to carry out a permanent inventory, in relation to the tax period starting on or after 1 January 2024.
Sending the accounting SAF-T file
With the entry into force of the 2024 State Budget, the submission of the SAF-T (PT) file relating to accounting is only applicable to the periods 2025 and subsequent, to be delivered in 2026 or subsequent periods.
Qualified electronic signature
The 2024 State Budget also defined that the mandatory requirement to affix a qualified digital signature to PDF invoices is postponed for another year: until December 31, 2024, PDF invoices are legally accepted as electronic invoices.
Electronic invoicing in public contracts
A reality for large companies since 2021, for micro, small and medium-sized companies and for public entities as co-contracting entities, the obligation to adopt electronic invoicing within the scope of the execution of public contracts is postponed for another year: they now have to update their systems by December 31, 2024.
II. Tax obligations for companies in 2024
The main tax obligations in 2024 for your company, grouped by type of tax and type of obligation are as follows:
Tax obligations in terms of IRC and IRS
Submission of the Monthly Remuneration Statement (DMR)
Employers must submit the Monthly Remuneration Declaration (DMR), intended to communicate the value of income from dependent work subject to IRS made available to employees, respective tax withholdings, deductions for social protection schemes, among others.
This declaration, referring to the previous month, must be submitted on the Tax Portal by the 10th of each month, unless this is a weekend or public holiday, in which case it is postponed to the following working day. The exception is in August, when it can be submitted up until the 31st due to the tax and contribution holiday regime.
Submission of declaration Model 10
Employers must submit the Model 10 declaration on the Tax Portal to declare income that has not been declared in the DMR. All income received by residents in national territory must be declared, namely, income subject to IRS, including exempt income, income not subject to IRS and income subject to IRC withholding tax at source.
This obligation must be fulfilled annually, by February 10th of the year following the year to which the income corresponds (in 2024, by the 12th, because the 10th is not a working day).
Payment of amounts withheld at source for IRC and IRS purposes
Entities that have withheld tax at source on income from personal income tax (IRS) or corporate income tax (IRC) in the previous month must submit the respective amounts to the State by the 20th of each month or the following business day. The exception is the month of August, with the deadline extended to the 31st, due to the application of the tax holiday regime.
Submission of the Model 30 declaration
Entities that have paid or made available income to non-resident taxpayers in Portugal must report this income using the Model 30 declaration. This declaration must be sent by the last day (or next business day) of the second month following that to which the income relates.
Submission of Model 22 declaration and payment of IRC
Entities subject to IRC must submit the periodic income tax return Model 22 on the Tax Portal and, based on the amount determined, pay the respective tax by the last day of the 5th month following the end date of each tax period – when the tax period coincides with the calendar year, by May 31, whether or not it is a business day.
Submission of Simplified Business Information / Annual Declaration (IES/DA)
Entities required to do so, namely commercial companies, civil companies in commercial form, European public limited companies and companies with headquarters abroad and permanent representation in Portugal, public companies and individual establishments with limited liability, must submit the IES/DA by the 15th day of the 7th month following the end date of the tax period – for those whose tax period coincides with the calendar year, between 1 January and 15 July.