Among a range of austerity measures introduced in Portugal is a rise in the standard rate of VAT. The rate is to increase from 23% to 23.25%. This follows earlier rises in the rate in 2008 and 2011. The new measures also include an increase in the employer’s contribution to social security. The measures are aimed at reducing the deficit and remaining within the Eurozone currency requirement.
«
Previous post
Oman – Spain DTA
Oman – Spain DTA
Related Posts
Portugal updates indexation coefficients for capital gains tax on 2024 sales
November 13, 2024
The Portuguese Government has published the indexation coefficients for calculating capital gains or losses applicable to personal and corporate income tax. These coefficients, which were announced in Ordinance 228/2024/1 on 7 November 2024,
Read More
Portugal: Pillar Two Directive enters into force
November 12, 2024
Portugal has published Law No. 41/2024 in the Official Gazette on 8 November 2024, transposing the Pillar Two Directive into law. The law received Presidential Approval on 30 October 2024, and will take effect starting 9 November
Read More Portugal proposes several VAT measures in draft state budget law 2025
October 28, 2024
Portugal released the state budget law for 2025 (Law No. 26/XVI/1) on 10 October 2024, proposing various VAT measures. The draft Budget Law for 2025 proposes reduced corporate tax rates for companies and SMEs and revised personal income tax rates,
Read More Portugal adopts Pillar 2 global minimum tax for large corporations
October 21, 2024
Portugal has adopted the global minimum tax for large multinational and domestic groups, effective from 18 October 2024. This legislation aligns with Council Directive (EU) 2022/2523 and the OECD Pillar Two Model Rules. The law introduces the
Read More
Portugal proposed reduced corporate tax rates in draft 2025 budget law
October 17, 2024
Portugal’s Finance Minister submitted the draft Budget Law for 2025 (Draft Law No. 26/XVI/1) to parliament on 10 October 2024, proposing reduced corporate tax rates for companies and SMEs and revised personal income tax rates and other tax
Read More
European Commission refers Spain, Cyprus, Poland, Portugal to court for failing to transpose Pillar Two Minimum Taxation Directive
October 07, 2024
The European Commission (EC) decided to refer Spain, Cyprus, Poland, and Portugal to the Court of Justice of the European Union for failing to notify measures for the transposition into national law of Council Directive (EU) 2022/2523 of
Read More