Toro
Diamond Member
The Portuguese government is seeking to cut its corporate tax rate for new businesses to one of the lowest in Europe as part of a plan to attract investment and revitalize ailing industries, the minister of economy said.
The government is in talks with the European Commission's competition agency in Brussels to get approval to cut the tax on corporate income for new investors to 10% from the current 25%, the minister, Alvaro Santos Pereira, said in an interview.
That would be the lowest in the European Union along with Cyprus and Bulgaria, which have blanket 10% corporate tax rates, according to consultancy firm KPMG. The average corporate tax in the EU is above 22%.
"We want to make Portugal one of the most attractive countries in Europe for new investment," Mr. Santos Pereira said. "We believe that by providing very strong fiscal incentives to new investments we will safeguard the budget side and at the same time become a lot more competitive," he added
Portugal Seeks Lower Corporate Tax - WSJ.com