2021 Budget for Portugal's Azores Region Published Including Amendments on Rates, Reinvestment Incentives, and Contractual Tax Benefits

On 31 May 2021, Portugal published Regional Legislative Decree No. 15-A/2021/A in the Official Gazette, which provides for the approval of the 2021 Budget measures for Portugal's Azores autonomous region. The Decree establishes the reduction of national tax rates as applied in the Azores region, which includes a 30% reduction of Portugal's national rates for personal income tax, corporate income tax, and VAT. For VAT it is also clarified that the rates for the Azores region are rounded up or…