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Portugal's 2015 Budget Contains Corporate Tax Cut

by Ulrika Lomas, Tax-News.com, Brussels

16 October 2014


The Portuguese Government has proposed lowering the corporate tax rate from 23 percent to 21 percent in its 2015 Budget, which was presented to Parliament on October 15, 2014.

Minister of State and Finance Maria Luís Albuquerque said that it is not possible to reduce personal income taxes in 2015, but that reductions could be made in 2016 provided the Government's crackdown on fraud and tax evasion proves successful.

The 2015 Budget also exempts old-age pensioners from the 3.5 percent special tax imposed on all income.

The Portuguese Government is targeting a budget deficit of 2.7 percent of gross domestic product (GDP) next year, down from the four percent targeted this year.

Earlier this year Portugal withdrew from a EUR78bn (USD100m) international bailout program under which it was required to cut its budget deficit to 2.5 percent of GDP by 2015.

Most of the tax hikes introduced under the bailout program have been kept in place in the 2015 budget.

TAGS: Finance | tax | Portugal | gross domestic product (GDP) | budget | corporation tax | tax rates | tax reform | individual income tax | Tax | Tax Evasion

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