PORTUGAL VAT RATE INCREASE

Please be informed that the 2011 Portuguese Budget Law has been approved by the Parliament in the beginning of December and it is confirmed that the standard VAT rate will increase from 21% to 23% in Portugal Mainland (and from 15% to 16% in the Autonomous Regions of Madeira or Azores) as from 1 January 2011. 

After being promulgated by the President of the Republic, this will be published in the Official Journal.