The Government will approve new withholding tax tables that will reflect the reduction of IRS rates, after the promulgation of the diploma by the President of the Republic. This will come into force retrospectively in September.
“Following the promulgation of AR Decree No. 7/XVI, by the President of the Republic, which amends the IRS rate table, the Government will approve new withholding tax tables that will reflect the reduction of IRS rates,” indicated the Ministry of Finance in a statement sent today.
In addition, “a mechanism to retroact this reduction in IRS rates, which will take into account the withholding taxes already applied on income from work and pensions” will also be approved.
Samantha Gannon
info at madeira-weekly.com
