New rules of inventory reporting

New rules will apply as of January 2020 regarding the reporting of inventories to the Tax Authority. The principal aim are enterprises and “Empresários em nome individual”, organized accounting regime, regardless of turnover. Decreto-Lei nº  28/2019 define that: Every collective and singular people, that are part of the general taxation regime, are required to draw up a final inventory dated December 31, 3019, covering all of their goods raw materials, finished and in progress products, valued at the cost of acquisition or production. This inventory must be communicated to the Tax Authority by the end of January 2020. Therefore, we advise that the necessary measures be taken to fulfil this obligation.   The deadline for communicating the 2019 inventories is until January 31, 2020. With this legislative change, all collective and singular persons, who are part of the simplified taxation regime, are exempt from communicating the 2019 inventory.