Portugal Parliament Considers Bill on 2022 State Budget

The Portuguese Parliament April 29 accepted for consideration Bill No. 4/XV/1, on the 2022 state budget. The bill includes measures to: 1) introduce new individual income tax rates; 2) provide an individual income tax exemption for employees between the ages of 18 and 26; 3) introduce a recovery plan for small and medium enterprises (SMEs) due to the coronavirus pandemic; 4) apply VAT rates on operations in the Azores and Madeira regions as taxable at the place of permanent establishment (PE); 5) amend VAT exemption rules for intra-community transfers due to the coronavirus pandemic, effective July 1; 6) amend excise ...