Portuguese Prime Minister Jose Manuel Durao Barraso has defended his government’s decision to cut taxes, saying the measures are needed to promote economic growth and cut growing unemployment.
One of the main proposals contained in the government’s draft budget for next year is a proposal to cut corporate tax to 25% from its current level of 30%. The Prime Minister has announced that corporate taxes will eventually fall to 20% by the year 2006.
"It is a way to encourage the appearance of new firms and attract investment in projects which will create more and better employment", Durao Barrso argued during a parliamentary debate on the 2004 budget plans. "When we lower the tax burden on firms we are helping to create jobs,” he added.
However, whilst the government intends to forge ahead with tax cuts for business, it has decided to put personal income tax cuts on the back burner until 2006, whilst increasing the level of sales tax.
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