08
Apr
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.
source:tmagazine.ey.com
