Tax burden to reach 35% of Portugal’s GDP in 2020
Tax revenues should rise from 25% of GDP this year to 25.2% next year, corresponding to 54,844 million euros.
The weight of taxes and social contributions should again increase to 35% of GDP next year, according to the proposal of the State Budget for 2020 (OE2020).
According to the document submitted to Parliament on Monday, tax revenues should rise from 25% of GDP this year to 25.2% next year, corresponding to 54,844 million euros.
Social contributions should increase from 9.7% of GDP in 2019 to 9.8% in 2020, equivalent to 21,358 million euros.
All in all, the tax burden is expected to stand at 34.7% of GDP this year, after the peak of 35.4% recorded in 2018.
Next year the tax burden should rise to 35% of GDP.
The Report that accompanies the proposed State Budget for 2020 indicates that tax revenues should increase by 3.9% in 2020, compared to the current year, while social contributions should grow by 4%.
