Carriers will be able to deduct expenses on fuel already in July – publico

 
         

                 

                         
                     

                         

                 

 
 

The goods carriers, public transport companies of passengers to and taxis will be able to enjoy the tax benefit in the cost of fuel in the first payment of income taxes, to be held by the end of July.

the bill with the amendment to the Tax Benefits Statute, which provides for the deduction of expenditure on fuel, was published Friday in Official Gazette and enter force on Saturday.

the cost of the fuel vehicles are deductible by 120% to determine taxable income. The tax benefit applies to taxation period beginning on 1 January. But the measure has “immediate impact” in the transport sector and be harnessed in payments on account of this year, the Government made a transitional rule ensures that “the increase covers the fuel supplied from April 1, 2015″. To calculate the IRC to pay next year, “it is raised all fuel supplied in 2016 by sector”.

This benefit already existed but had to limit the incentives that companies may reduce the IRC (the sum of benefits can only reduce up to 10% of the amount of tax payable). Now, the tax benefit does not enter these accounts.

The bill was drafted in order to have an impact this year, the first payment by IRC account, since companies have to make three payments on account per year until 31 July, 30 September and 15 December.

This was one of the measures that the Government has negotiated with the transport sector to mitigate the increase in fuel tax. In addition to this measure, which covers both carriers of goods and passengers, another provides discounts on “professional diesel”.

This last measure, which is voted on in specialty in Parliament next week, on 19 July intended only to goods carriers. This year progresses on a trial basis in four border areas with Spain (Quintanilha, Vilar Formoso Caia and Ficalho Vila Verde) and next year is extended to the entire country.

Companies will be refunded tax on oil and energy products (ISP), for supplying between 25,000 and 40,000 liters per year (per vehicle). The system works through the fleet cards. A freight carrier paid with the card, the database collects the vehicle made the supply of diesel and issuers of cards communicate to the tax authorities a series of data on that transaction for the Tax Authority and Customs to validate and pay reimbursement .