Categories: EconomyTaxationPolicy

PORTUGAL TARGETS RECORD BUDGET SURPLUS IN 2020

&amp;NewLine;<h2 class&equals;"wp-block-heading">Portugal presents its 2020 budget project<&sol;h2>&amp;NewLine;&amp;NewLine;&amp;NewLine;&amp;NewLine;<p>Portugal presents its 2020 budget plan&amp;comma; on Tuesday, it set itself the target of achieving a <strong>budget surplus<&sol;strong> for the first time in 45 years of democracy; these thanks to solid economic growth&amp;period; It should be remembered, however, that this growth is achieved thanks to the tourism sector and therefore remains fragile&amp;period; <&sol;p>&amp;NewLine;&amp;NewLine;&amp;NewLine;&amp;NewLine;<p>In return, the government has committed to reducing <a href&equals;"https&colon;&sol;&sol;vivreauportugalconsulting&period;com&sol;creer-une-entreprise-au-portugal&sol;"><strong><span style&equals;"text-decoration&colon; underline&semi;">small business tax<&sol;span><&sol;strong><&sol;a>&amp;period;<&sol;p>&amp;NewLine;&amp;NewLine;&amp;NewLine;&amp;NewLine;<h3 class&equals;"wp-block-heading">2020 Budget Proposal<&sol;h3>&amp;NewLine;&amp;NewLine;&amp;NewLine;&amp;NewLine;<p>In his <a href&equals;"https&colon;&sol;&sol;eco&period;sapo&period;pt&sol;topico&sol;orcamento-do-estado-2020&sol;" target&equals;"&lowbar;blank" rel&equals;"noreferrer noopener" aria-label&equals;"projet &lpar;opens in a new tab&rpar;">project<&sol;a> 2020 budget&amp;comma; the socialist government forecasts a surplus representing 0&amp;comma;2&amp;percnt; of gross domestic product &amp;lpar;GDP&amp;rpar;&amp;comma; against a deficit of 0&amp;comma;1&amp;percnt; expected at the end of 2019&amp;period;<&sol;p>&amp;NewLine;&amp;NewLine;&amp;NewLine;&amp;NewLine;<p>This will provide further impetus to reduce the country's debt&amp;comma; one of the highest in the eurozone&amp;period; Portugal's debt-to-GDP ratio should fall to 116&amp;comma;2&amp;percnt; in 2020&amp;comma; from 118&amp;comma;9&amp;percnt; this year&amp;comma; still according to the projected budget&amp;period;<&sol;p>&amp;NewLine;&amp;NewLine;&amp;NewLine;&amp;NewLine;&amp;NewLine;&amp;NewLine;<div style&equals;"height&colon;23px" aria-hidden&equals;"true" class&equals;"wp-block-spacer"><&sol;div>&amp;NewLine;&amp;NewLine;&amp;NewLine;&amp;NewLine;<p>Antonio Costa's minority government, which won a second term in office last October, hopes to achieve economic growth of 1&amp;comma;9&amp;percnt; next year&amp;comma; identical to 2019&amp;period;<&sol;p>&amp;NewLine;&amp;NewLine;&amp;NewLine;&amp;NewLine;<p>The government plans to ease the tax burden on the middle classes by introducing new intermediate tax brackets and additional subsidies for large families&amp;period;<&sol;p>&amp;NewLine;&amp;NewLine;&amp;NewLine;&amp;NewLine;<h3 class&equals;"wp-block-heading">Small businesses are the big winners <&sol;h3>&amp;NewLine;&amp;NewLine;&amp;NewLine;&amp;NewLine;<p>SMEs with annual taxable profits of <strong>less than 25&amp;period;000 euros<&sol;strong> will see their tax at <strong>down to 17&amp;percnt;<&sol;strong> against <strong>21&amp;percnt; currently<&sol;strong>&amp;period;<&sol;p>&amp;NewLine;&amp;NewLine;&amp;NewLine;&amp;NewLine;<p>In return, taxes on tobacco, lotteries and high-sugar beverages will increase&amp;period;<&sol;p>&amp;NewLine;&amp;NewLine;&amp;NewLine;&amp;NewLine;&amp;NewLine;&amp;NewLine;<p>The government is planning a 0&amp;comma;3&amp;percnt; increase in average civil service pay, and 800 million&amp;semi;euros will be injected to reduce healthcare sector debt&amp;period;<&sol;p>&amp;NewLine;&amp;NewLine;&amp;NewLine;&amp;NewLine;<p>Parliament will vote on the first reading of the draft budget on January 10; it remains to be seen whether the draft budget for 2020 will be validated&amp;period; <&sol;p>&amp;NewLine;

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