OrbitaxThe proposals included in the Budget Bill for 2006 have been approved by the parliament, subject to certain minor changes, and enacted as the Budget for 2006 by Law 60-A/05, published in the Official Gazette of 30 December 2005.
|Approved Changes|Portugal
Corporate income tax (IRC)
(a) Deductible expenses. Expenses relating to documents (e.g. invoices) issued by taxpayers whose activities are declared to have ceased ex officio do not qualify as deductible expenses.
(b) Simplified scheme of taxation. Small enterprises may be subject to the simplified scheme of taxation. The taxable income determined on the b…
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