Art. 44, paragraph 2, of Decree-Law 48/2023, published in the Official Gazette on 4 May 2023, provides for an increase in the TMR rate (and consequently the IVCA rate) to 0.6% as from the 2023 tax year. To date, it is unclear whether the new rate will apply immediately to the payment due on 30 June 2023, as the instructions for the 2023 tax return are contradictory on this point. Indeed, one section of the instructions mentions the new rate, but the next section on calculating the tax still mentions the 0.45% rate, so it would seem that the new 0.6% rate will apply from 2024. In any case, we will keep you informed as the matter develops.