Portugal being an EU member state falls under the EU VAT regime. Member states must adopt EU VAT Directives into their own legislation.
Standard VAT Rate: 23%
Reduced VAT Rate: 6%, 13%
Registration Threshold Distance Selling: 35,000 €
EU VAT number format: PT999999999
Resident - There is no registration threshold
Non resident - There is no registration threshold
IC Acquisitions - EUR 10,000
There is no registration threshold. Unless they opt otherwise, businesses with an annual turnover below EUR 10.000,00 do need to register but will be covered by a special exemption regime, on condition that they do not import or export goods.
Detailed rules regulate reporting requirements of Portuguese transactions for Value Added Tax purposes. These include: invoice requirements, timeliness for an invoice to be issued, invoice and credit notes corrections rules, foreign currency reporting requirements and exchange rate sources, correction of previously submitted returns and accounting records that must be maintained for VAT purposes.