Update - Additional Measures of the Madeira Region Budget for 2021

As previously reported, Portugal published Regional Legislative Decree no. 18/2020/M on 31 December 2020, which approves the Budget of the Autonomous Region of Madeira for 2021. In addition to the reduction in the corporate income tax rate from 20% to 14.7%, other important measures of the decree include the following:

• The progressive regional surtax for companies with taxable profit exceeding EUR 1.5 million are reduced as follows:
  • over EUR 1.5 million up to EUR 7.5 million - 2.1%
  • over EUR…