News
Portugal Announces Fresh Tax Hikes | 2010 05 18
Hot on the heels of Spain, Portugal has unveiled a second wave of austerity measures in a bid to further reduce its budget deficit, including plans to introduce new tax rises and to cut top public sector workers’ pay.
Under the new plans, announced by the Portuguese Prime Minister, José Socrates, the government aims to increase value-added tax by 1%, from 20% to 21%, to increase corporate tax on companies realizing annual profits in excess of EUR2m to 27.5%, and to impose extraordinary income taxes of up to 1.5%.
Agreed by both Portugal’s minority government and the Social Democrats, the tax measures contained in the new austerity package are reportedly only temporary, and are due to be in force until the end of 2011.
The government now aims to reduce the country’s budget deficit from 9.4% of gross domestic product last year, to 4.6% in 2011.
- If you want to leave a message or get consultation, please simply register here and indicate time preferable to you.
- A brochure of Company Express Group describes services offered and characteristics of most popular offshore jurisdiction.
- UK Businesses Dissatisfied with HMRC
- 2010-08-27