|Madeira Increased VAT Rates and Excise Duties|
On 22 March 2012, the Parliament approved Law Proposal 48/XII, which amended the VAT and excise duties legislation applicable in the Autonomous Region of Madeira
The amendments brought by Law Proposal 48/XII, which will be effective as of 1 April 2012, include:
1. Increase of the VAT rates as follows:
- Standard rate from 16% to 22%
- Intermediary rate from 9% to 12%
- Reduced rate from 4% to 5%
2. Introduction of excise duty on electricity
3. Changes on the excise duties rates applicable on tobacco and alcoholic beverages.
The approved text of Law Proposal 48/XII will be published shortly in the Republic Gazette.
The opinions expressed do not constitute investment advice and specialist advice should be sought about your specific circumstances.
Published on our website on April 19, 2012