7 Information’s about the inventory’ communication to the Tax Authority that you should know

This information is aplicable at Portugal.  With the new year coming a lot of the companies begin to prepare the annual inventory. Regardless of an efficient inventory management has diverse benefits for the activity’ success, we give you 7 relevant information’s for the inventory communication to the Tax Authority. 1. There are obligated to communicate the inventory to the Tax Authority every entity (singular or collective) with organized accountability and with a business volume higher than 100.000 €; 2 .The inventory should to count all the existing items until the 31st of December from the year translated; 3. The register should detail all the items and respective quantities, and should fall into one of the following categories: - Merchandise; - Raw material, subsidiary and consume - Finish products and intermediary - Sub products, wastes; - Products and work in progress. 4. That inventory should, after, be digitally communicated to the Tax Authority until 31st of January from the current year; 5. If the company is obligated to communicate the inventory, but on 31st of December of the translated year didn’t have items, should submit anyway the communication, however informing that doesn’t have any items; 6. If this annual obligation is not full field, the company would incur a serious penalty, punished with a fine between 200 and 10.000 euros; 7. At Domingos Salvador you will find a team that could help and support you in the fulfillment of this and other legal obligations.