Woaucher! IVAuchers at €21.2M in June
The Ministry of Finances has revealed that the Portuguese accumulated €21.2 million in June through its IVAucher scheme.
The scheme provides benefits and incentives sponsored by the Portuguese Government that enable tax payers to accumulate the value of VAT paid in restaurants, accommodation and cultural events and activities.
Two months after IVAucher came into force, the amount of benefits that the Portuguese have amassed through the programme is phenomenal; consumers accumulated €21.2 million in June states the ministry which is headed by the Finance minister João Leão. Data for July has yet to be released.
Consumers can accumulate VAT until 31 August.
“The balance of VAT accumulated by tax payers from the IVAucher Programme in the month of June stands at €21.2 million which is a 48% increase on June 2020 and just €2 million below the pre-pandemic period in June 2019”, states Finanças, calculating that the programme’s impact on the economy is at least €42.4 million.
The accumulated amount can be used by tax payers to get discounts and savings on future purchases in any one of the three sectors covered by the programme up to a 50% limit per purchase.
In addition to the economic impact of the programme, it also spurs consumers on to request an invoice with a tax number (NIF).
“In June 2021 a total of 6,221,813 tax invoices were registered in the accommodation, culture and restaurant segments, corresponding to an increase of 34% on June last year. All told, these bills represent a spend of €167 million.
The Government expects to provide incentives worth €200 million from IVAaucher, but admits that the amount spent has exceeded expectation.
Moreover, taking into account the balance of the first month, the threshold value defined by the Government in the State Budget of 2021 is still far form being reached, even if consumption in restaurants, hotels and guest houses picks up in July and August.