What’s New

Press Review: Government plans to slash business tax to 17% by 2018

Wednesday, 31 July: In a bid to make Portugal competitive and attractive to foreign companies, the PSD-CDS coalition is aiming to cut taxes drastically making the country a tax paradise like Holland and Luxemburg.

Earnings: Another six-monthly loss at Millennium BCP

Troubled BCP bank racked up losses of €488m in the first half of this year and the bank’s President said that the financial institution would begin repaying its state bailout loan on schedule in 2014.

Civil service: Parliament slams the 40-hour working week

New legislation governing public sector workers, which also includes capping their unemployment benefit rights, still requires rubber stamping by President Aníbal Cavaco Silva. Public sector trade unions protest outside parliament.

Press Review: Government moves to liquidate 15,000 public sector posts

Tuesday, 30 July: Fifteen thousand low-qualified State workers have two months in September and November to accept an amicable split with the Portuguese civil service and get benefits or be fired.

Government: Passos Coelho reaffirms call for “national union”

The Prime Minister has again insisted that Portugal needs a spirit of union and had admitted that the nation has a very high tax regime.

Parliament: MPs in votes marathon before holidays

The second session of the legislature ends on Tuesday with the (guaranteed) approval of a confidence vote for the PSD/CDS-PP coalition government.

Press Review: The Portuguese are €792 worse off this year thanks to austerity

Monday, 29 July: As the effects of the Government’s austerity policies continue to bite, each Portuguese citizen will be €792 worse off this year because of soaring taxes and falling incomes.

Government: Minister of Finance retains prime minister’s confidence

Pedro Passos Coelho backs his Minister of Finance Maria Luís Albuquerque despite an ongoing furore over how much she may have known about swap financial transactions at state companies.

US: Lisbon gets new American ambassador

The Barack Obama administration announced late on Thursday that Robert A. Sherman will be the next United States Ambassador to Portugal.

Government: Secretaries of State round off cabinet reshuffle

President Aníbal Cavaco Silva will swear in the new secretaries of state on Friday who are the last names to be announced following the midweek government reshuffle.