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Families will have to spend an average of 445 euros on restaurants, accommodation and culture to exhaust the IVAucher “ceiling” of 200 million euros foreseen in the State Budget proposal for 2021, according to Deloitte.
The simulation carried out by the consultancy assumes that in the household consumption directed to the three sectors, contemplated in the measure called ‘IVAucher’, 70% are in hospitality (including meals consumed in hotels), 20% in accommodation and 10% in cultural activities.
Taking into account the 4,150,000 households in Portugal, according to the latest official data, it will be necessary for each one to make purchases in these sectors of the order of 445 euros, throughout 2021, to reach 200 million euros. euros in VAT ‘refund’ foreseen in OE2021.
In global terms, this means that households will have to consume the equivalent of 1,847 million euros (which includes 1,647 million euros for the purchase of services and products and 200 million euros supported by VAT) in these three sectors to recover the total of 200 million euros in VAT and this amount can be discounted in purchases in the same sectors that are made in the following quarter.
This global figure supposes a consumption of 1,291.9 million euros in restaurants; 342 million euros in accommodation; and 175 million euros in cultural activities, and a subsequent credit for input tax, which corresponds, in the same order to the aforementioned sectors, to 161.9 million euros; 27.6 million euros; and 10.5 million euros.
IVAaucher is one of the measures registered by the Government in OE2021 with the aim of encouraging consumption among three of the sectors most affected by the containment of economic activity imposed by the covid-19 pandemic. With IVAucher, consumers will be able to accumulate the amount corresponding to the total (100%) VAT incurred on expenses in those sectors during a quarter, and ‘discount’ it, in the following quarter, on consumption in those same sectors.
The amount that each consumer accumulates and discounts has no limits, as the Undersecretary of State for Tax Affairs said, said António Mendonça Mendes, being determined by the Tax and Customs Authority (TA) based on the invoices communicated to the Finance Portal. Government estimates indicate that with the use of this measure, consumers will benefit from discounts of around 200 million euros.
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