As previously reported, Portugal has published Regional Legislative Decree No. 6/2024/M of 29 July 2024, which approved the Budget of the Autonomous Region of Madeira for 2024. Further to the measures reported earlier, certain amendments are made regarding withholding tax for personal income tax and corporate income tax purposes. The amendments provide that the applicable withholding tax rates are reduced by 30%, with the exception of payments that are subject to a 35% withholding tax rate such as payments to accounts opened on behalf of unidentified third parties and payments to non-residents subject to a clearly more favorable tax regime....