Portugal Parliament Approves Decree to Reduce Individual Income Tax Rates for Residents

The Portuguese Parliament July 16 approved Decree No. 3/XVII, to amend the Individual Income Tax Code. The decree reduces the normal tax rates for residents to: 1) 12.5 percent from 13 percent, for income up to 8,059 euros (US$9,366); 2) 16 percent from 16.50 percent, for income above 8,059 euros and up to 12,160 euros (US$14,132); 3) 21.5 percent from 22 percent, for income above 12,160 euros and up to 17,233 euros (US$20,028); 4) 24.4 percent from 25 percent, for income above 17,233 euros and up to 22,306 euros (US$25,924); 5) 31.4 percent from 32 percent, for income above 22,306 ...