Thursday, 4 October: All major newspapers in Portugal, including Público, are reporting on what Minister of Finance Vítor Gaspar termed a “huge increase in taxes” announced to replace the controversial TSU measure, as the government struggles to meet deficit targets for both this year and 2013.
«Expenditure the government didn’t want to cut», is the lead story in this week’s Sábado, highlighting there is a total of 13,740 state-owned enterprises, public institutes and municipal bodies in Portugal spending public funds. The newsmagazine says that according to experts, a country the size of Portugal should live with half this number.
«Recipes to overcome the crisis: discover the differences between Portugal and abroad», is the lead story in this week’s Visão, contrasting Portugal’s austerity policies with what’s happening around the globe.
«”Huge increase in taxes” replaces TSU», reveals Público, after Minister of Finance Vítor Gaspar described the government’s new fiscal measures for 2013 announced Wednesday as a “huge increase in taxes”, in replacement of the ill-received TSU measure which aimed to change social security contributions. The objective is to meet the new deficit target for this year of 5% of GDP and 4.5% next year.
Correio da Manhã
«Fiscal robbery», reports Correio da Manhã, referring to the heavy tax burden on personal income tax (IRS) which is to rise 34.69% with the reduction of the number of tax brackets and a new 4% surtax. Taxpayers to suffer the most include employees, civil servants and pensioners. Portugal’s property tax (IMI) will also undergo a huge increase.
Diário de Notícias
«Brutal for workers…uncertain for capital…unknown for expenditure», writes Diário de Notícias, after Minister of Finance Vítor Gaspar announced a huge increase to rendered income tax (IRS) and the reduction of the number of income tax brackets from 8 to 5, among other austerity measures to be included in the 2013 state budget. The daily also highlights the announcement was sketchy for taxes on capital gains and failed to mention how the state intends to save €4bn until 2014. Trade union confederation CGTP has called a general strike for 14 November.
Jornal de Notícias
«We’ll be paying 34.6% more on income tax», reports Jornal de Notícias, following the rise of several taxes announced by the Portuguese government Wednesday. The daily outlines how income tax will see an overall rise of 34.6%, the number of income tax brackets will be reduced from 8 to 5, and a 2.5% solidarity surcharge will be levied on higher incomes.
«This is robbery», reports i, after Minister of Finance Vítor Gaspar’s announcement of new austerity measures for 2013. According to the daily, the government aimed for economic recovery this year, but instead ended up killing 50,000 jobs. Rather than employment recovering as intended, 171,000 more jobs than expected “disappeared.”
«It’s a huge increase in taxes», reports financial daily Diário Económico, after Portugal’s minister of finance revealed the government’s budgetary consolidation programme would be almost exclusively based on fiscal revenue.
Jornal de Negócios
«Huge», reports financial newspaper Jornal de Negócios, referring to the tax hike announced Wednesday by Minister of Finance Vítor Gaspar. The daily highlights the fact that households and companies will bear the brunt of the government’s austerity drive and outlines the main measures.
«Incredible James», writes A Bola, after James Rodríguez’s late strike sealed FC Porto’s 1-0 win over Paris Saint-Germain Wednesday.
«The arc of triumph», reports Record, referring to the late strike by FC Porto’s James Rodríguez in the Champions League match against Paris Saint-Germain.
«In El Bandido’s pocket», writes O Jogo, following James Rodriguez’s late goal that led FC Porto to victory in the team’s UEFA Champions League match against PSG.