FXstreet.com (Córdoba) - Portugal is going further with austerity measures, with the government announcing steep income tax hikes to reduce the country's debt weight, despite increasing opposition among citizens.
At a news conference, Portuguese Finance Minister Vitor Gaspar announced a generalized income tax hike along with other measures aimed to meet deficit target of 4.5%.
The country will raise income taxes to an average rate of 11.8% from 9.8% currently and will also levy an extraordinary tax surcharge of 4% in 2013.
The government also intends to raise taxes on capital gains, assets, financial transactions, tobacco and luxury goods, Gaspar said.
At a news conference, Portuguese Finance Minister Vitor Gaspar announced a generalized income tax hike along with other measures aimed to meet deficit target of 4.5%.
The country will raise income taxes to an average rate of 11.8% from 9.8% currently and will also levy an extraordinary tax surcharge of 4% in 2013.
The government also intends to raise taxes on capital gains, assets, financial transactions, tobacco and luxury goods, Gaspar said.
