The Portuguese parliament has ratified the 2024 State Budget, making several changes to VAT legislation. Notable changes include a reduced rate of 6% for specific items, a medium rate of 13% for vegetable oils after the exemption period, and clarification on the non-cumulative nature of VAT reimbursement and deduction benefits. Other changes include a tax exemption for recycled materials and a reduced tax rate on spiritual drinks in the Madeira region. The revised budget also eliminates the increased car circulation tax for old cars.
Source GVC
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