PSD pledges IRC and IRS taxes from 2025

 In News, Tax

In a bold election pledge, the conservative PSD party says it will slash business tax to as little as 17% by 2025.

The party led by Rui Rio has also promised a total reduction by €800 million on IRS income tax to help families.
In a face-off televised pre-election campaign debate with the PS’s António Costa, currently the caretaker prime minister, Rui Rio said that first a PSD-led government would focus on fostering company and national economic growth, to later create the conditions for tax cuts, which would be more substantial by a second mandate.
However, the Socialist Party (PS) through the President of the PS Setúbal District Federation, António Mendonça Mendes, accused the main opposition party of promising a “blank cheque” to companies in the pledge to cut IRC from its current rate of 21% to 17% “without including an across-the-board increase in salaries for the Portuguese”.
In an interview with ECO online news, Mendonça, who is also the shadow Adjunct Secretary of State for Tax Matters, said, “The PS wants to “use the IRC to help increase salaries”, as it has used IRC “to help more investment, and as it has used IRC to help companies be more capitalised”.