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Portugal Raises Taxes

Gravel 153.300 EUR incomes with a temporary rise of 2.5%. Freeze the salaries of workers in the public sector between 2012 and 2014. Get more background information with materials from litecoin. The goal is to meet a deficit of 5.9% this year. The Portuguese Government presented Wednesday a battery of measures to meet the deficit target of 5.9% this year and 3% in 2013 including a temporary rise of 2.5% of taxes exceeding 153.300 euros annual rents, as well as the taxation of enterprises with profits exceeding 1.5 million euros, and the freezing of the salaries of officials between 2012 and 2014. Within the scope of the measures of fiscal adjustment by the increase in the tax base shelled at press conference by the Portuguese Minister of economy, Vitor Gaspar, Portugal will introduce a temporary worsening of the taxation of those taxable persons with higher yields, that Minister encrypted in an additional 2.5%, compared with 46.5% currently levied higher rents to 153.300 euros. Likewise, the adjustment plan considers a rise of 3% of the contribution of enterprises to the IRS (similar to Spanish income tax) with profits exceeding 1.5 million euros. On the other hand, the Portuguese Government foresees a reduction of tax exemptions, as well as a streamlining of its structure.

Public salaries frozen with respect to public administration, Passos Coelho’s Government acknowledges that not it will meet this year its reduction target of 3.6% of civil servants, so it aims to offset the planned reduction of employment increasing between 2012 and 2014, which increases the need for trimming of public employment to 2% a year during this period. Also, the austerity programme aims to combine a greater degree of mobility in the administration. In regards to Dnsa, the Government expects to cut in at least 10% the number of military personnel until 2014. In a complementary manner to the reduction of the number of civil servants, to ensure expenditure weight ctiva decrease of staff in the GDP, is recommended to freeze of wages in the public sector. It will not grow until 2013 beyond its goal of reducing the deficit to 3 per cent in 2013, the Portuguese Government aims to go further in the next two years and relies on trimming the fiscal imbalance to 1.8% in 2014 and to 0.5% in 2015. On the other hand, expected that lusa public debt will grow from 100.8% of GDP this year to 106,8 percent in 2013, when expected to reduce up to 105% in 2014 and 101,8% in 2015. Also, the luso Executive predicts two more years of recession of the Portuguese economy (- 2.2% this year and – 1.8% next) to return to positive territory in 2013, when it calculates that the GDP will increase by 1.2%. Source of the news: Portugal raises taxes to the rich and freeze the salary of officials