Portugal makes cuts and raises taxes

Portugal raised taxes and cut politicians' pay in a fresh effort to allay market fears about its high level of debt.

Prime Minister Jose Socrates announced that income tax will rise between 1% and 1.5% and VAT will increase to 21% from 20%.

Corporate tax will increase 2.5% for companies reporting annual profits of more than two million euros.

The salaries of politicians and public company bosses, meanwhile, will be cut by 5%.

Mr Socrates said the measures will remain in place through 2011, by which time he expects the budget deficit to be 4.6%. Last year it stood at 9.4%.


  1. It's the Barackalypse! Obamageddon is upon us.

    Now I am not blaming Mr. Obama nor am I complaining about Communist-Socialist-Democrtats in the USA or worldwide. But it simply is TIME for mankind to pay the fiddler.

    Obamageddon is real. The Barackalypse is here.


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