Portugal's State Budget Law for 2025 has been approved, and the nominal corporate income tax rate and autonomous tax rates are reduced.The notional interest tax deduction has been increased under the Incentive for Capitalization of Companies (ICE) regime.Invoices provided in portable document format (PDF) will be considered equivalent to electronic invoices until 31 December 2025. Executive summaryThe 2025 State Budget Law, adopted on 31 December 2024 under Law No. 45-A/2024, adopts a rather conservative approach, balancing fiscal consolidation with economic growth and social protection. Regarding Corporate Income Tax (IRC), the most emblematic measure reduces the nominal rate by one percentage point....