Portugal's state budget deficit shrank 58 per cent to €3.59 billion ($3.9 billion) in 2022, thanks to a sharp rise in tax revenues due to robust economic growth amid high inflation, the government said.
Finance Minister Fernando Medina told Reuters in November that the economy was expected to grow at least 6.7 per cent in 2022, buoyed by domestic demand and tourism, after growing 4.9 per cent the previous year as it recovered from a pandemic-induced recession.
The finance ministry said in a statement late on Friday that the improvement in the budget deficit was "justified by the dynamism of the labour market and the economy and by the effect of inflation".
It said that tax revenues increased by around 14 per cent to €25.9 billion last year, boosted by a 19 per cent increase in value added tax revenues to more than €21 billion.
As VAT is a tax on the final price of products and services, its revenues automatically increase whenever there is inflation.
Portuguese consumer prices rose 9.9 per cent year on year in November, just off a three-decade high of 10.1 per cent in the previous month.
The finance ministry said total public revenue grew by 11 per cent to more than €102 billion, while public spending increased by just 5.1 per cent to €105.7 billion.
Prime Minister Antonio Costa last month said that the public deficit could be below 1.5 per cent of GDP in 2022, compared to the previous official forecast of 1.9 per cent and 2021's fiscal gap of 2.9 per cent.
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
3%20Body%20Problem
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