The Portuguese tax authority has issued a circular letter providing an overview of the VAT changes introduced by the Budget Law for 2023 (Law No. 24-D/2022), which was published in the Official Gazette on 30 December 2022. As previously reported, this includes an increase in the turnover threshold for VAT exemption under the simplified regime from EUR 12,500 to EUR 13,500 in 2023. The letter further clarifies that the threshold will be increased to EUR 14,500 in 2024 and EUR 15,000 in 2025. The letter also explains a change in the declaration (return) and payment deadline for the June and...