The State Budget proposal for 2026 seeks to break with past practices, becoming less “an instrument of public policy” and more an exercise in rigor and responsibility. The internal characterization of it as “the most boring budget ever” reflects this deliberate choice of a technically sound and politically cautious document, designed to minimize friction and increase the likelihood of parliamentary approval.
In this context, the Government has chosen to separate the most sensitive matters – such as the corporate tax reduction, the measures included in the housing package, and the changes to labor legislation – referring them to separate legislative bills.
This report contains a summary of the main measures of the proposal, as well as an analysis by Rogério Fernandes Ferreira, partner and founder of RFF Lawyers and former Secretary of State for Fiscal Affairs.