Lusa - Business News - Portugal: Parliament responsible for speed of tax cuts - finance minister

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Lusa - Business News - Portugal: Parliament responsible for speed of tax cuts - finance minister

Lisbon,April 24,2024(Lusa)-Portugal's finance minister said on Wednesday that the income tax relief proposed by the government depends on the speed with which parliament approves it, pointing out that the proposals of some parties would put Portugal in a deficit.
‘[...] The government is moving ahead with a measure that will allow for a significant reduction in personal income tax,’ said Finance Minister Miranda Sarmento, noting that it is ‘an additional relief’ compared to what was already in force, of around €350 million’.
The measure will begin to be applied through a reduction in withholding tax, with retroactive effect to January, said Miranda Sarmento, emphasising that the moment when taxpayers will feel this income tax relief depends on ‘the speed with which this parliament approves the measure’.
In addition to the government's proposal, which reduces income tax rates up to the 8th income bracket, today parliament is debating bills on the same tax presented by all opposition parties, but with different rate reductions in the various brackets than those proposed by the government. Others also change the specific deduction.
Miranda Sarmento said that some of the opposition's proposals, due to the loss of revenue they imply, would put the public accounts in a budget deficit, arguing that one cannot ‘take a step bigger than one's leg’ and that the ‘tax reduction has to be done with budgetary responsibility’.
LT/ADB // ADB.
Lusa

Agency : LUSA
Date : 2024-04-25 10:38:00

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