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Madeira 2024 Budget Includes Corporate Income Tax, Personal Income Tax, and VAT Changes

06 August 2024

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Approved Changes

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Portugal

Portugal has published Regional Legislative Decree No. 6/2024/M of 29 July 2024, which approves the Budget of the Autonomous Region of Madeira for 2024. One of the main tax-related measures of the budget is the introduction of a lower corporate income tax rate of 8.75% for certified start-up companies established in Madeira on the first EUR 50,000 of their taxable income. In addition, personal income tax brackets are revised as follows: up to EUR 7,703 - 9.28%   ¬¬¬ over EUR 7,703 to 11,623 - 12.60% over EUR 11,623 to 16,472 - 16.10% over EUR 16,472 to 21,321 - 18.20% over...