Portugal Parliament Considers 2025 State Budget Bill

The Portuguese Parliament Oct. 10 accepted for consideration Bill No. 26/XVI/1, the 2025 state budget bill. The bill includes measures to: 1) update the personal income tax (IRS) bracket thresholds and rates; 2) reduce the corporate income tax (IRC) rate to 20 percent from 21 percent, with exceptions; 3) reduce the IRC rate, to 16 percent from 17 percent, applicable to the first 50,000 euros (US$54,313) of taxable income for specified small and medium-sized enterprises (SMEs); 4) establish a 120 percent tax deduction for health insurance expenses incurred on behalf of employees, retirees, and their families; 5) specify that costs ...