New tax rates on VAT IVA), income tax (IRS) and corporate tax IRC) are in place as of 1 January 2012 in Portugal, which also apply to Madeira.
By 1 April 2012, Madeira will also be forced to reduced the existing 30% difernential rate between mainland Portugal to a mere 1 point diference.
Please consult ACIF - Chamber of Comerce website to read about
- National Budget 2012
- Income and corporate tax
- Alterations as of 1 Janary 2012
In Madeira, one of the most significant rate increase is VAT on "food & beverages" (restaurantes and hotels) which goes up from 9% to 16% on the 1st janury 2012 and upto 22% as of 1 April 2012.
Although these tax increases are particullarly severe in Madeira (the reduction in diference between mainland Portugal and the tax increase), Madeira remains a fantastic all year destination - visit our Madeira holidays and travel page for fantastic offers.
By 1 April 2012, Madeira will also be forced to reduced the existing 30% difernential rate between mainland Portugal to a mere 1 point diference.
Please consult ACIF - Chamber of Comerce website to read about
- National Budget 2012
- Income and corporate tax
- Alterations as of 1 Janary 2012
In Madeira, one of the most significant rate increase is VAT on "food & beverages" (restaurantes and hotels) which goes up from 9% to 16% on the 1st janury 2012 and upto 22% as of 1 April 2012.
Although these tax increases are particullarly severe in Madeira (the reduction in diference between mainland Portugal and the tax increase), Madeira remains a fantastic all year destination - visit our Madeira holidays and travel page for fantastic offers.
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