The government announced today in parliament that 60% of the measures under the Accelerate the Economy program, rolled out in July 2024, have been implemented and that the remaining 40% are under re-evaluation.
“60% of the measures have already been implemented, and we are re-evaluating the remaining 40% of the measures that need to be executed. […] We will have a plan to implement or adjust those that are necessary,” stated Secretary of State for the Economy, João Rui Ferreira, during a regular hearing at the Assembly of the Republic.
Approved by the Council of Ministers on July 4, 2024, the Accelerate the Economy Program outlines 60 fiscal and economic measures to stimulate the Portuguese economy.
Included is the creation of a regime that allows for intra-group compensation of VAT balances and a gradual reduction of the corporate tax rate by two percentage points per year to 15% by the end of the legislative term, to boost economic growth and investment and the investment capacity of companies.
It also anticipates a qualification program for SMEs and leadership management training, along with the reformulation of the System of Tax Incentives for Business Research and Development (SIFIDE), reducing the required expenditure volume to 5% and extending the deadline for companies to complete the investment to five years.
In the tourism sector, the plan includes the revision and strengthening of support lines, such as the Interior Tourism Line +, aimed at supporting sustainable tourism development in regions, with a budget allocation of 10 million euros, and a credit line with a provision of 50 million euros, with a maximum amount per operation of 750 thousand euros, under the Tourism Companies 360º Program. This initiative encourages companies in the sector to adopt an ESG (Environmental, Social, and Corporate Governance) agenda and assess the impacts of their activities on the environment and the social systems in which they operate.
