Portugal, Starting to Get It, to Cut Corporate Tax

[Toro]

The Portuguese government is seeking to cut its corporate tax rate for new businesses to one of the lowest in Europe as part of a plan to attract investment and revitalize ailing industries, the minister of economy said.

The government is in talks with the European Commission's competition agency in Brussels to get approval to cut the tax on corporate income for new investors to 10% from the current 25%, the minister, Alvaro Santos Pereira, said in an interview.

That would be the lowest in the European Union along with Cyprus and Bulgaria, which have blanket 10% corporate tax rates, according to consultancy firm KPMG. The average corporate tax in the EU is above 22%.

"We want to make Portugal one of the most attractive countries in Europe for new investment," Mr. Santos Pereira said. "We believe that by providing very strong fiscal incentives to new investments we will safeguard the budget side and at the same time become a lot more competitive," he added

Portugal Seeks Lower Corporate Tax - WSJ.com

 

[Mad Scientist]

Yeah, the Portuguese People are gonna' "get it" alright! That's called "Austerity" nowadays.
Debt crisis: Portugal to raise taxes to meet austerity targets - Telegraph

The tax hikes will see average rates rise from 9.8pc in 2012 to 13.2pc in 2013, said Mr Gaspar, without indicating how much extra revenue would be raised by the measure. New measures also include new levies on capital gains and a financial transaction tax, though details of these moves have yet to be finalized, the minister said.

Capital Gains Tax = Pay more for your Investments.
Financial Transaction Tax = Pay more at the ATM.

I'm sure the Banksters will be exempted because they gave the $115 Billion "Bailout" to Portugal remember?

 

[Katzndogz]

The best thing Portugal has going for it is that that legalized drugs so people can get high and not think about how bad it is.