IRC
- Special Payment on Account
Corporate Income Tax
Without prejudice of the
payments on account, the taxable persons are
subject to special payment on account (PEC - Pagamento
Especial por Conta), to be made during the month of
March or, in two instalments, during the months of
March
and October
of the year they concern.
The amount of the special payment on
account is equal to 1% of the turnover related to the
previous financial year, with the minimum limit of
1.000€ and, when superior, it will be equal to this
limit increased by 20% of the exceeding part, with the
maximum limit of 70.000€.
Payments on account made in the
previous financial year will be deducted from the
assessed amount.
The PEC is not imposable to the
financial year related to the commencement of the
activity and to the following one.
The following taxable persons are
exempt from making the special payment on account:
a) The taxable persons fully
exempt from IRC pursuant to
articles 9th and 10th of
the IRC Code and of the Cooperative Tax Status;
b) The taxable persons that have
filed lawsuits in the scope of the
Code of Special
Lawsuits of the firm Recovery of Bankruptcy, approved by
the Executive-Law nr. 132/93, of 23rd April, from the
date of bringing the legal action onwards.
Exceptions:
Regarding the banks, insurance
companies and other bodies of the financial sector for
which the application of specific chart of accounts are
foreseen, the turnover shall be replaced by equivalent
interests and revenue and by commissions or net bonuses
issued as per the nature of the activity being run by
the taxable person.
As to the resale sector of fuel and
tobacco, of vehicles subject to the car duty and of
alcohol and liqueurs, the taxes under-mentioned, when
included in the revenue, may not be taken into
consideration in the calculation of the special payment
on account: Special taxes on consumption and car duty (IA-Imposto
Automóvel).
(Article 98th IRC Code)
Calculation of the 'Payment on Account' and the
'Special Payment on
Account'
Corporate Income Tax
.
This note is
only for information and does not hold its divulgers
responsible. For thorough information you must consult
the Law.
