Lusa - Business News - Portugal: Tax cuts, balanced budget priorities - finance minister

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Lusa - Business News - Portugal: Tax cuts, balanced budget priorities - finance minister

Lisbon, April.24,2024 (Lusa) - Portugal's Finance Minister Joaquim Miranda Sarmento said on Wednesday that the State Budget for 2025 will prioritise reducing the tax burden within the available budgetary margin while also balancing public accounts.
Speaking at the opening of the parliamentary debate on the 2024-2028 Stability Programme, he announced that the medium-term structural programme, which will be submitted to the European Commission in the autumn, and the 2025 State Budget, will be ‘aligned with the priorities of this government’.
Among these priorities, he listed the ‘structural transformation of the Portuguese economy, increasing its competitiveness and productivity’, the reduction of the tax burden, ‘within the available budgetary margin’ and ‘balanced public accounts and debt reduction for sustainable economic and social development’.
The finance minister argued that the margin available for fiscal stimulus is conditioned by the need to keep the accounts balanced and the public debt on a downward path.
Miranda Sarmento said these ‘factors are decisive not only for strengthening the resilience of the Portuguese economy to adverse shocks but also for its growth strategy to be robust and sustainable’.
The minister also considered that the prospect of growth in Portugal's Gross Domestic Product (GDP) of 2%, included in the EP under a no-policy-change scenario, ‘is very low’.
‘Our programme and our measures aim to increase the productivity and competitiveness of the Portuguese economy, increase potential GDP, and achieve more robust economic growth of over 3% per year,’ he said.
Miranda Sarmento also pointed out that the EP is aiming for a budget surplus of 2% of GDP but argued that ‘the actions of this government and the positive effect of the economic policy measures that will be implemented this year can have a positive impact on the budget surplus that should be recorded at the end of 2024’.
AAT/ADB // ADB.
Lusa

Agency : LUSA
Date : 2024-04-25 10:30:00

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