Wednesday, May 9, 2012

Minister of Finance: Taxes may come down in medium term ...

The Portuguese Minister of Finance Vitor Gaspar said on Wednesday that the government might?consider reducing taxes in the medium term but only if the economic conditions allow to do so.

Speaking at a parliamentary commission, Gaspar said that ?personal income tax may come down? some time during this legislature if the government manages to reduce public expenditure from 50% to 43% of GDP between 2012 and 2016.

?It is still too early to make any announcement or forecast under the current circumstances?, he added.

Today, financial newspaper?Di?rio Econ?mico?reports that?the Portuguese government told the European Commission (EC) at the beginning of this month that?unemployment was expected to reach 14.5% this year and 14.1% in 2013,?

The government forecasts a 3% recession this year with a 0.6% drop in GDP in 2013 before finally turning the corner in 2014 with a 2% rise in output.

(Photography: Tiago Petinga/Lusa)

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