DE: Execution May points to return 40% of the surcharge – Jornal de Negócios – Portugal

If the pace seen until May continues, revenues IRS and VAT will be 300 million euros higher than expected, allowing return of 40% surcharge.

The personal income tax revenue and VAT rose 4.7% until May. If this pace is maintained, tax revenues will be 300 million euros higher than expected, according to the accounts of the Economic Journal, which would allow the return of 40% of the surcharge revenue.

The Government had indicated that before May / June would not be possible to have an idea about the results of the mechanism, the newspaper reminds. “Before the months of May / June, when ends the IRS campaign and delivered the first quarterly tax year, tax revenue is not sufficiently representative,” said Paul Nuncio, Secretary of State for Fiscal Affairs, quoted by the newspaper Expresso.

The tax revenues from VAT and IRS rose 4.7% in the first five months of the year, when the budget provides an increase of 3.5%. If the

revenue collected from these taxes remain above 27 658, 8 million euros, the difference reverts to the taxpayer through a reduction in surcharge. May accounts point to 40%.

The Executive has determined, however, that the grant of a tax credit to be made in 2016, already after the elections, with a new government.