Portugal's parliament passed the minority Socialist government's 2020 ...
LISBON - Portugal’s parliament passed the minority Socialist government’s 2020 budget bill on Thursday after rejecting a tax cut proposed by the opposition that threatened the plan’s aim to post the first fiscal surplus in 45 years of Portuguese democracy.
The government had warned such a tax cut would have been “irresponsible”, costing 0.2%-0.4% of gross domestic product and undermining its planned surplus of 0.2% this year. After heated debates and votes in the budget committee during the night, various opposition parties’ amendments calling for a reduction of value-added tax on energy to 6% and to 13% from 23% were put to a parliamentary vote.“There is no glory without drama,” Finance Minister Mario Centeno said after the vote, referring to the 11th-hour tax debate. “It’s good to know that the vast majority of Portuguese value the budget surplus, and that is why this is the best budget of the past few years.
The government, he said, has requested that the European Commission authorize a cut in the value-added tax on energy for certain levels of consumption, which should benefit low-income households.
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