The study conducted by SVoucher — Associação Portuguesa das Empresas de Títulos Extrassalariais in collaboration with Nova IMS highlights that the distribution of meal subsidies through vouchers or cards results in a positive fiscal impact of 87 million euros and boosts the GDP by 0.718%, equating to 1.74 billion euros.
The analysis further reveals that for every euro spent through meal vouchers, 3.15 euros are injected into the economic activity, with the GDP increasing by 2.11 euros.
Titled “Macroeconomic Impact of Meal Subsidy Titularization in Portugal,” the study bases its findings on the allocation of 9.60 euros per day, which is the maximum tax-exempt amount for meal subsidies in 2024, provided to 1.3 million private sector workers.
The meal card offers tax advantages for both companies and employees.
The study also emphasizes that despite inherent tax exemptions, meal vouchers have a significantly positive impact on state finances.
Exempt from IRS/IRC and TSU, the study notes that the voucher increases funds allocated to food and disposable income by 738 million euros. This translates into a potential consumption increase of 775 million euros, as the voucher encourages spending in a specific sector within the national territory and prevents savings.
To meet this demand, the study indicates that 72,498 new jobs (both direct and indirect) are created, reducing unemployment.
The study also considers the impact of increasing the card value.
An increase in the daily subsidy to 10.80 euros would have a positive fiscal impact of 98 million euros, boosting GDP by 0.809% or 1.96 billion euros and creating 97,000 new jobs, it highlighted.
If the daily increase were to reach 12 euros, the fiscal impact would be 113 million euros, enhancing GDP by 0.90% or 2.18 billion euros, and resulting in 108,000 new jobs.
Moreover, if the number of beneficiaries grew from 1.3 million to a potential 2.9 million, the current growth effect on the GDP of 0.718%, or 1.74 billion euros, would be projected to reach 1.615% or 3.91 billion euros, with 192,300 new jobs created and a positive fiscal impact of 200 million euros.
