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HomeEconomy“Accelerating Growth.” IRC phase-out among 60 measures approved by government

“Accelerating Growth.” IRC phase-out among 60 measures approved by government

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Within the economic acceleration program The IRC rate will be subject to a gradual reduction of two percentage points per year.up to 15 percent at the end of the legislative session. This is a measure provided for in the government program.

This reduction is intended to boost economic growth, investment and the investment capacity of companies, with the government also justifying it as a means of improving salaries.

Another of the measures adopted is the establishment of A system that allows for compensation within the group for VAT credits.Starting January 2025.

The concept of VAT groups aims to improve the treasury of companies by reducing VAT refunds and simplifying procedures by unifying the tax credits that will be delivered to the state and the tax that will be recovered by the state.

Another planned measure is the “state payment within 30 days” plan, with the aim of getting “more capital from companies.”

At the end of the Cabinet session, Luis Montenegro said that economic growth is the basic condition for a more prosperous and just country.

“The Council of Ministers (…) has taken a very broad range of decisions in the field of the economy, with the aim of accelerating economic growth as a prerequisite for achieving We have a more prosperous country, and through that prosperity, a more just one.“, male.

In the Prime Minister's view, Portugal must have “the resources to be able to offer better living conditions to young people, to those who start their active lives today, but also a country that can, in the near future, pay better salaries and can have social support policies for the most vulnerable and needy groups”.

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The Prime Minister stressed that the measures taken by the executive authority Take into account “budget responsibility”Which “should not be achieved by imposing more taxes, but by creating more wealth, more economy.”

Economy Minister Pedro Reis said he “realizes that there are many measures, because economies are like this at the moment, with many vectors of growth and with many sectors to invest in.”

“Even if it hinders digestion at first, it will definitely ensure growth,” he stressed.

New Minimum Tax Mechanism

The executive also announced that he would move forward. Minimum 15% tax mechanism for multinational and national groups.

This is a replication of the EU directive on minimum taxation of profits of multinational companies and large national groups.

Finance Minister Joaquim Miranda Sarmiento pointed out that Portugal was in fact, Late to comply with the transfer of guidancewith the European Commission even opening an infringement procedure.

It concerns the Community law that entered into force on 1 January, which provides for a minimum effective tax rate of 15% for large companies operating in EU Member States, covering multinational companies and large national groups with a combined financial income of up to 750 million euros per year.

The community guidance follows the global agreement reached by the G20 and the OECD and aims to create a “Greater fairness and stability in the tax landscape in the EU and globally“It will reduce the incentive for companies to shift profits to low-tax jurisdictions,” the European Commission noted when approving the deal.

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Strengthening tourism support lines

The Executive also agreed to review and strengthen support lines for tourism, such as Linha + Interior Turismo, which aim to: Supporting sustainable tourism development in the regions, with an allocation of 10 million euros.

It is also planned to create a credit line with an allocation of 50 million euros, a corresponding guarantee, with a maximum per operation of 750 thousand euros, within the scope of the Empresas Turismo 360° programme, to encourage companies in the sector to adopt the ESG agenda (Environmental, Social and Corporate Governance) and analyse the impacts of their activity on the environment and social systems in which they operate.

Also in the tourism sector, the launch of the Tourism + Nearby Areas and Proximity Trade Promotion Programme was approved, with plans to enhance – Establishing a credit line of 10 million euros to support public or private projects.“that demonstrate a close and positive impact on local communities and that have the potential to demonstrate the potential of tourism as a factor for inclusion and social cohesion.”

The strengthening and expansion of the supply qualification support line was also approved, which consists of a medium and long-term credit line (with achievement bonus), resulting from the partnership between Turismo de Portugal and the banking system, to support companies in the tourism sector, with an allocation of 300 million euros, with a maximum of about three million euros per operation.

Program to accelerate the economy It also includes a focus on tourism training, with the establishment of an international training campus. Strategic Partnerships Programme for Hospitality and Tourism Schools in the Context of the Community of Portuguese Speaking Countries (CPLP).

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