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Cristiano Ronaldo to testify in £12.9m tax fraud case on July 31

Cristiano Ronaldo to testify in £12.9m tax fraud case on July 31

LISBON: Any chance Cristiano Ronaldo had of playing for Real Madrid against Barcelona in a friendly in Miami on July 29 looks to have disappeared after he was summoned to court in Madrid on July 31 as part of the investigation into his tax affairs. Ronaldo is understood to have already told Portugal team-mates he will not play for Madrid ... Read More »

Portugal’s inflation eases in May: Statistics Portugal

Inflation eases

LISBON: Portugal’s consumer price inflation eased in May after accelerating in the previous month, figures from Statistics Portugal showed. The consumer price index climbed 1.5 percent year-over-year in May, slower than the 2.0 percent rise in April. The largest downward pressures on the overall annual rate of change came from decreases in the prices of clothing and footwear and furnishings, ... Read More »

Portugal Feb-April trade deficit widens 15%

trade deficit logo

LISBON: Portugal’s global trade deficit widened 15 percent in the three months between February and April as imports rose more than exports, the National Statistics Institute (INE) said on Friday. The trade deficit, which is for goods only, rose to 2.862 billion euros from 2.480 billion euros a year earlier. Exports rose 11.1 percent while imports jumped 11.8 percent. In ... Read More »

Portuguese banks must shoulder new transactions tax

New Zealand meat, wine exports to face uncertainty on U.S border tax

LISBON: Banks in Portugal will no longer be able to pass a tax on card transactions on to customers, the country’s Assembly has ruled. In a note, the Assembly clarified that “the holder of economic interest in the fees,” which it described as credit institutions, financial companies or other entities legally equivalent to them, should be solely responsible for paying ... Read More »

Portugal seeks to expand trade with Russia, neighboring markets


ST. PETERSBURG: Portugal seeks to expand trade with Russia and neighboring markets and establish Russian-Portuguese joint ventures in a number of economy sectors, Portugal’s Minister of Economy Manuel Caldeira Cabral told Sputnik on the sidelines of the St. Petersburg International Economic Forum (SPIEF). The minister added that both countries could enjoy benefits of such cooperation, with new markets opened up. ... Read More »

Portuguese socialists want to review tax brackets


LISBON: The president of the governing socialist party, PS Carlos César, said that the Government’s priorities up to the end of its term should be to review income tax brackets and improve the income of families, also through direct wages. According to the president of the PS Parliamentary Group, the Socialist Government must have well-defined goals in the next two ... Read More »

Portugal urged to reverse mounting taxes on tourists


LISBON: Portuguese restaurateurs and hoteliers are calling for the repeal of the growing number of taxes being levied on tourists. Capital city Lisbon and Cascais were the first municipalities in the country to introduce tourism taxes. Other municipalities such, as Porto and Vila Real de Santo Antonio, are also “discreetly” starting to tax tourists, Portugal’s hotel and restaurant association, AHRESP, ... Read More »

Portugal stocks lower at close of trade; PSI 20 down 0.00%

stocks lower

LISBON: Portugal stocks were lower after the close on Monday, as losses in the Technology, Utilities and Financials sectors led shares lower. At the close in Lisbon, the PSI 20 lost 0.00%. The best performers of the session on the PSI 20 were Corticeira Amorim (LS:CORA), which rose 1.69% or 0.195 points to trade at 11.700 at the close. Meanwhile, ... Read More »

Portugal’s budget deficit widens ‘as taxpayers reimbursed faster’


LISBON: Portugal’s public sector budget deficit, in public accounting terms, was in the first four months of the year €314 million larger than in the same period of 2016, at €1.931 billion, the Ministry of Finance announced. In a written statement, the ministry said the increase was above all the result of a €530-million increase in reimbursements to taxpayers from ... Read More »

Portuguese economic growth faster than forecast: Finance Minister


LISBON: Portuguese economic growth is outpacing the official forecast, fueled by exports and investment, and is set to reach more than 3 percent in the second quarter and more than 2 percent for the whole of 2017, the finance minister said on Wednesday. Speaking to media, Mario Centeno said he was confident about Portugal’s improving economic outlook after years in ... Read More »

Lisbon tourism tax raises €3.3m


LISBON: Lisbon city council raised €3.3 million Euros from the tourism tax on overnight stays in the Portuguese capital in the first quarter of the year, and a total of €16.7 million since the tax was introduced in 2016. In a written reply to Lusa, the city council said that of this year’s income, €1.1 million “were handed over by ... Read More »

Portugal: ten tons of hashish discovered on a boat


LISBON: The Portuguese police seized nearly ten tons of hashish in the Mediterranean Sea. A total of 6 people between the ages of 20 and 61 were arrested for drug trafficking. These 6 men of Portuguese and Dutch nationality are suspected of belonging to a criminal organization of international dimension specialized in drug trafficking with important supporters in Portugal is ... Read More »

Portugal seizes 10 metric tons of hashish in Mediterranean


LISBON: Portuguese police say they have seized about 10 metric tons of hashish from a vessel in the Mediterranean after a yearlong investigation that involved five European countries and two pan-European agencies. A police statement says the Portuguese Navy and Air Force were involved in the operation, as were European Union police agency Europol and the Lisbon-based Maritime Analysis and ... Read More »

Portugal eyes exports boost to Qatar: PM

Philippines Jan. exports rise at fastest pace in 3 years

DOHA: Portugal recorded a 30% growth in exports to Qatar in the first two months of 2017, Prime Minister Antonio Costa has said. Costa, who led a trade and investment delegation to Qatar yesterday, said Portuguese exports to Qatar increased 61% in 2016, which reflects “the interest of Portuguese companies” in the Qatari market. He noted that HH the Emir ... Read More »

Portugal’s deficit totaled 2% in 2016


LISBON: Portugal posted a public deficit of 2.0 percent of gross domestic product (GDP) in 2016, Eurostat said earlier this week. This brings the country’s deficit below the 3.0 percent ceiling set by Brussels and would allow Portugal to leave the Excessive Deficit Procedure. According to Eurostat, Portugal’s public debt in 2016 totalled 130.4 percent of GDP, the third highest ... Read More »

Portugal stocks lower at close of trade; PSI 20 down 0.16%

stocks lower

LISBON: Portugal stocks were lower after the close on Friday, as losses in the Utilities, Telecoms and Industrials sectors led shares lower. At the close in Lisbon, the PSI 20 lost 0.16%. The best performers of the session on the PSI 20 were Ibersol SGPS (LS:IBS), which rose 3.13% or 0.440 points to trade at 14.480 at the close. Meanwhile, ... Read More »

Portugal’s public deficit shrinks 45% in Q1

France budget deficit amounts 69.0b euro

LISBON: Portugal’s public sector deficit shrank 45 percent to 358 million Euros ($389 million) in the first quarter from a year earlier, as revenues rose while spending was stable, the finance ministry said on Wednesday. Discounting debt payments, the country had a primary surplus of 1.5 billion Euros in the period, 23 percent higher than a year ago, the ministry ... Read More »

Portuguese economy to recover moderately: S&P


LISBON: Ratings agency Standard & Poor’s (S&P) said the Portuguese economy will continue to recover, albeit moderately, local media reported. S&P added that the country’s high debt level and fragile banking system will continue to negatively affect its sovereign rating. The agency also said in a report on Monday that Portugal has carried out important external adjustments, and has seen ... Read More »

Portugal, Iran discuss expansion of bilateral trade


TEHRAN: Deputy foreign ministers from Iran and Portugal in a meeting in Tehran explored avenues for expansion of relations between the two nations, particularly in the economic sphere. Heading a business delegation, Portugal’s Secretary of State of Internationalization Jorge Costa Oliveira met with Iranian Deputy Foreign Minister for American and European Affairs Majid Takht Ravanchi on Tuesday. Highlighting the great ... Read More »

Portuguese wines thriving amid export growth

growth increase

LISBON: Volume exports of Portuguese wine have increased by more than a quarter in the last five years, driven by the growing importance of export destinations such as Canada, Germany and the UK. Surprisingly, the resurgence has been driven by growth in Portuguese DOP white wines, which increased more than 40% from 197,587 hectolitres in 2011 to 278,161 hectolitres last ... Read More »