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Portugal Tax News 2009

Portugal Tax Rates 2009 September 2009 In 2009 there is a new reduced corporate tax rate of 12.5% for income of up to EUR 12,500. For income exceeding EUR 12,500 the corporate tax rate is 25% same as in 2008. Individual income tax rates are 10.5%-42%, unchanged compared to 2008, with slight changes in the tax brackets. Portugal Tax Rates 2008 July 2008 There are no significant changes in Portugal 2008 tax rates, compared to 2007. Individual income tax rates are 10.5%-42%. The basic corporate tax rate is 25%, plus a local tax of up to 1.5%, making a total of 26.5%. The standard VAT rate from July 1, 2008 is 20% (previous rate -21%). There are also reduced rates of 12% and 5%. In the Azores and Madeira the standard rate is 15%, with reduced VAT rates of 8% and 4%. Portugal Taxes January 2007 There are no significant changes in the 2007 tax rates for companies and individuals, compared to 2006. Portugal Taxes November 2006 According to the proposed 2007 budget, Portugal's individual income tax rates would remain the same as in 2006,10.5% to 42%, with slight changes in the tax brackets. In 2007, 70% of professional income would be taxable, compared to 65% in 2006. Handicapped individuals would get in 2007 a tax deduction of 3 times the national minimum wage.

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