Portugal Gazettes Law Implementing 2022 State Budget Measures

The Portuguese Official Gazette June 27 published Law No. 12/2022, implementing the 2022 state budget measures. The law includes measures: 1) introducing new individual income tax rates; 2) providing an individual income tax exemption for employees aged between 18 and 26; 3) providing income tax deductions on income earned from intellectual property rights; 4) introducing recovery plans for small and medium enterprises (SMEs) due to the coronavirus pandemic; 5) applying VAT rates on operations in the Azores and Madeira regions as taxable at the place of permanent establishment (PE); 6) amending VAT exemption rules for intra-community transfers due to the ...