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News | 2017-10-25

PORTUGAL DRAFT BUDGET FOR 2018

On the 13th of October 2017 the Portuguese Government presented the draft budget for 2018. Whilst this document will be subject to detailed analysis and discussions in Parliament in the coming weeks, the majority of the proposals contained in it are expected to be transposed into legislation until the end of November.

On an economic front the budget made clear that the good news relating to the Portuguese economy are continuing, with robust GDP growth predicted for both 2017 and 2018, continuous falls in the unemployment rate, increases of exports, tourism and investment, as well as rise in average salaries. This benign economic context has allowed the Government to continue its main theme of maintaining fiscal discipline whilst easing austerity, in a way that is proving to be very successful thus far.

From a tax and legislative perspective the main news is one of continuity, with no changes made to the various programs that have been, over the last few years, attracting international investors to Portugal. The budget provided a relief to most Portuguese resident taxpayers from an income tax perspective, whilst being quite neutral in most that relates to corporate taxation. Some important tax changes have been proposed, and a selection of the key measures that are most likely to impact foreign investors in Portugal are briefly discussed in the attached document.

 

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