Portugal's Council of Ministers Approves Tax Program Including Corporate Tax Rate Reduction, Pillar 2 Global Minimum Tax, and Other Measures

Portugal's Council of Ministers approved a tax program on 4 July 2024 that contains 60 measures meant to accelerate the economy. Some of the main measures include:

• A gradual reduction in the 21% corporate tax rate to 19% in 2025, 17% in 2026, and 15% from 2027, along with a reduction in the 17% rate for SMEs to 12.5% over the same period;
• The implementation of the Pillar 2 global minimum tax in accordance with Council Directive (EU) 2022/2523;
• The introduction of a VAT group regime from 20…