Portugal would have been the fifth rally of the year on May 21-24.
The Automobile Club of Portugal (ACP) said in a statement it had tried to reschedule the event for the end of October without success.
"All health and safety conditions needed to run the... Rally de Portugal in a safe way are not achievable given the unpredictable situation that we live in these days, and also the uncertainty of opening the national borders or airspace," it added.
The ACP said the rally had an economic impact nationally of more than 142 million euros ($154.38 million) last year. ($1 = 0.9198 euros) (Reporting by Alan Baldwin, editing by Toby Davis)