Ministry of Finance has already paid the Basic Basket to eleven companies
This Friday, March 18th, 2021, the Ministry of Finance made payments related to the Basic Basket initiative to 11 local companies, totaling US$ 3.316.500 (three million, three hundred and sixteen thousand and five hundred dollars).
This payment was made after the Technical Secretariat of the COVID-19 Fund received payment requests related to the Basic Basket, totalling 47, from the Ministry of Tourism, Trade and industry (MTCI – Portuguese acronym).
Throughout this week, the Ministry of Finance, through the Technical Secretariat of the COVID-19 Fund, will also make payments to 16 more local companies. These companies have also fulfilled their obligation to pay the Income Tax in the amount 0.5% of their income.
In addition, there are 10 more payment request, for which the Ministry of Finance is waiting for the MTCI to complete the documents, to attach to the Government Resource Planning System (GRP), before making the payment.
On March 22nd, 2021, the Technical Secretariat of the COVID-19 Fund also received 5 payment requests from the Secretariat of State for Cooperatives (SECOOP – Portuguese acronym). The Ministry of Finance is currently checking the documents before making payments.
The Ministry of Finance, through the Technical Secretariat of the COVID-19 Fund, continues to collaborate with other implementing ministries, such as the Ministry of Agriculture and Fisheries (MAP – Portuguese acronym), the Secretariat of State for Cooperatives (SECOOP) and the National Logistic Centre, to accelerate the payment process to food suppliers of the Basic Basket program.
When the payment request documents are complete, correct and meet the payment requirements according to the Law, the Implementing Ministries will submit these processes to the Technical Secretariat of the COVID-19 Fund. After receiving payment requests from the implementing ministry, the Technical Secretariat of the COVID-19 Fund processes all documents and makes payment, in accordance with the rules in force.
However, before the Technical Secretariat of the COVID-19 Fund makes the payment, all companies must comply with their obligations, namely the payment of Income Tax in the amount of 0.5% of their total income, as established by the Tax Law. Companies must show the receipt of payment of income tax to the Technical Secretariat of the COVID-19 Fund, so that they can proceed with the final payment.
In case the supplier companies have some question and/or need more information about the tax, they can go directly to the Tax Authority, in the Ministry of Finance, or they can visit the Tax Authority’s website at http://www.attl.gov.tl and consult there information about (i) tax payment; (ii) submission of monthly/annual reports and; (iii) application for issuance of Debt Certificate. It is also reported that the payment of taxes can now be made through ATM P24 machines. Taxpayers no longer need to go to commercial banks as before.
In relation to requests for payment of the Basic Basket that do not yet meet the requirements in accordance with the Law, the Technical Secretariat of the COVID-19 Fund will return their processes to the implementing ministries, so that they are completed and resubmitted.
