Portugal changes VAT deduction rules for conference organisers and cuts VAT rates on certain goods
A new refund regime for conference and event organisers was introduced in Portugal to allow the deduction of 100% of hospitality expenses. This new regime applies to companies registered in Portugal under the NACE number 82300, which stands for ‘organisation of fair, congress and similar.’. Usually, event and conference organisers are only able to deduct up to 50% of hospitality expenses but this regime will allow such companies to deduct an extra 50%.
Additionally, Portugal also recently some VAT rate changes to certain goods. As such, the VAT rate applicable to bicycles was reduced from 23% to 6%. Lastly, temporary zero VAT rate will apply to a list of essential food products until 31st October 2023.
