The Regional Legislative Decree No. 6/2024/M, which approves the budget law for the Portuguese autonomous region of Madeira for 2024, was published on July 29, 2024. This decree includes a significant measure aimed at providing tax relief by reducing the region’s reduced VAT rate from 5% to 4%.
Reduced VAT rates in Madeira
Public
Portugal
Author: Nikolina Basić
Category:
Fiscal subject related
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607
Content accuracy validation date:
16.09.2024
Content accuracy validation time:
09:04h
This strategic decision is part of ongoing efforts to stimulate economic growth and offer financial relief to both consumers and businesses in Madeira. The amendment is set to take effect on October 1, 2024. It is important to note that the standard and intermediate VAT rates in Madeira, which are 22% and 12% respectively, will remain unchanged by this amendment. The reduction in the reduced VAT rate is expected to have a positive impact on the local economy, making goods and services more affordable for residents and potentially boosting business activities in the region.
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