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Government announces 1% VAT reduction |
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PRIME Minister José Sócrates announced on Wednesday that Portugal's VAT (IVA) will be reduced by one per cent to 20% from July 1. This decision will see the reduction of the government’s tax income by between 225 to 250 million euros this year, and will show a loss in tax income for the government of between 450 to 500 million euros in one financial year. |
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Portuguese Grand Prix to return in the Algarve? |
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Portugal's ambition of returning to the Formula One calender with an all-new circuit at Portimão took another step towards success this week with the official presentation of the nascent facility. It is also rumoured that one Formula 1 team has already booked testing time at the circuit despite work still to be completed. |
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Huge investment planned for the Algarve area |
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The Algarve will receive investment totalling almost 1.5 billion euros over the next few years under the governments' Potential National Interest project scheme. |
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