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Despite being subject to VAT rules, some transactions are VAT exempt. Exempt transactions that do not grant a right to deduct the input VAT can be designated as “incomplete exemptions”. The transactions that, although exempt, grant a right to deduct the input VAT, can be designated as “complete exemptions”.
The reduced rate is applicable to the supply of some essential food products, periodic publications, books, pharmaceutical products, hotel accommodation, agricultural products and passenger transport.
The intermediate rate is applicable to the supply of some food products, some food and beverage services and to admissions to cultural performances, circus events, tickets to exhibitions, public zoos, botanical gardens and aquariums (that are not exempt under Article 9 no 13 of the VAT Code).
© 2022 PwC. This communication is of an informative nature and intended for general purposes only. It does not address any particular person or entity nor does it relate to any specific situation or circumstance. PricewaterhouseCoopers Tax Services TLS, Lda. We will not accept any responsibility arising from reliance on information hereby transmitted, which is not intended to be a substitute for specific professional business advice.
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