Portugal to lower value added tax rate on electricity bills

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Portugal plans to lower the rate of value added tax from 13% to 6% for certain electricity consumption, as the government attempts to help consumers cope with rising energy costs and other goods.

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(Bloomberg) — Portugal plans to lower the rate of value added tax from 13% to 6% for certain electricity consumption, as the government attempts to help consumers cope with rising electricity costs. energy and other goods.

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The decision will take effect in October, Prime Minister Antonio Costa said at a press conference in Lisbon on Monday evening. Other measures presented by the Prime Minister include a 2% limit on rent increases in 2023 and additional payments for pensioners in October.

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Measures announced by the government so far in 2022 to help families and businesses cope with higher prices total 4 billion euros ($4 billion), according to Costa. Earlier this year, the government took other measures, including reducing the fuel tax and lowering the tariff for access to the electricity network. Like Spain, Portugal has introduced a cap on the price of natural gas used to generate electricity.

Costa won a snap general election in January and his socialist government is now backed by an absolute majority in parliament.

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