IVA is the name given to the Portuguese taxImposto sobre Valor Acrescentado, the equivalent to the British VAT. As of 2005, IVA taxes primary necessity articles (such as food, medicine and cultural products) with a 5% value on top of the regular price, and most consumer products with a 21% value. A tax is a compulsory charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state (e. ... Value added tax (VAT) is a sales tax levied on the sale of goods and services. ... 2005 is a common year starting on Saturday of the Gregorian calendar. ...
An IVA is a legal contract between you and your creditors, it is a legally binding arrangement supervised by a Licensed Insolvency Practitioner, the purpose of which is to enable you to reach a compromise with your creditors and avoid the consequences of bankruptcy.
An IVA is available to all individuals, Sole Traders and Partners who are experiencing creditor pressure and it is used particularly by those who own their own property and wish to avoid the possibility of losing it in the event they were made bankrupt.
Upon approval of the IVA, a Supervisor is appointed (usually the Nominee) to ensure the proposals are adhered to and to distribute the dividends to creditors.
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