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Entrepreneurs want the IRS to boost family income

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Entrepreneurs want the IRS to boost family income

According to an EY study published on Tuesday, the vast majority of entrepreneurs want the State Budget (GB) for 2023 to include fiscal measures that respond to inflation (94%) and the energy crisis (84%).

“It was concluded that 94% of respondents call for changes to the IRS which mitigate the effects of inflation and allow for higher wages real growth in household net income“, EY said in a statement.

Queue, 87% of companies defend taking action at the IRS (Personal income tax), which in the short term lead to an increase in the net income of families, warning that if this does not happen, there may be a decline in private consumption.

Measures presented reformulation of steps, reduction of progressivity of rates and extension of deductions.

Already 70% of companies want changes in VATwith a focus on applying a reduced or intermediate rate to natural gas and electricity consumption, a change that 84% of companies want.

are still considered 65% of companies complain that their IRC is being moved (Corporate Income Tax), focusing on measures such as flexibility in the periods of use of tax losses and credits and the reduction of autonomous tax rates and government surcharges.

With regard to fiscal competitiveness, 69% of entrepreneurs consider it important to abolish stamp duty when buying a property intended for the rental market.

“With inflation driving up interest rates, 58% of companies are in favor of extending the stamp duty exemption for supplies, making it less expensive for partners or shareholders to use financing,” the document said in a statement.

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With regard to the stability of the tax system, 86% of companies want to reduce to 90 days the statutory deadline for responding to requests for non-urgent mandatory information.and, while 50% require measures that provide for minimum periods of fiscal stability for some tax system structuring rules.

Nearly 70% of entrepreneurs also noted the need to introduce a tax incentive related to the creation of jobs for young people. and creating tax credits.

In the fifth edition of this review entrepreneurs again gave a “negative note” to the Portuguese tax systemwith an estimate 2.02 on a scale of one to five.

EY stated that all domains analyzed were negatively assessed by entrepreneurs, and that the worst-scoring areas were access and speed of the tax justice system, and the high weight of the overall tax burden.which received an average score of 1.59.

“Given the long-term inflation target of 2%, companies would like to see the abnormal growth in tax revenues resulting from the current structure already in the state budget for 2023 translated into a reduction in the tax burden,” he said. Luis Marquez, EY’s “country tax leader”

For this study, a sample of 105 companies operating in Portugal was considered, mainly in the financial services (25) and manufacturing (12) sectors.

Of the total number of companies examined, the majority have a turnover of more than 25 million euros (61%) and more than 250 employees (56%).

Respondents are primarily responsible for tax, executive presidents (CEO), “chief financial officer” (CFO) and administrative or financial directors (58%).

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Economy

European Stock Markets Fall, Interest Rates Rise, Oil Rebounds – Markets in a Minute

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Europe is turning green.  Oil and gold down.  Percentage Increases - Markets Per Minute

Euribor climbs three and six months to new highs in almost 14 years

Euribor rates rose today to new highs since early 2009 at three and six months and fell at 12 months.

The six-month Euribor rate, most used in Portugal for home loans and entering positive territory on June 6, rose today to 2.374%, plus 0.006 points, the highest since January 2009.

The six-month average Euribor rose from 1.596% in September to 1.997% in October.

The six-month Euribor has been negative for six years and seven months (from November 6, 2015 to June 3, 2022).

The three-month Euribor, which entered positive territory for the first time since April 2015 on July 14, also rose today, setting a new high since February 2009 at 1.922% plus 0.014 points.

The three-month Euribor was negative between 21 April 2015 and 13 July last year (seven years and two months).

The three-month average Euribor rose from 1.011% in September to 1.428% in October.

On the other hand, over a 12-month period, Euribor fell today, settling at 2.860%, down 0.019 points from Thursday, after rising to a new high since January 2009 of 2.879% on Thursday.

After rising to 0.005% on April 12, positive for the first time since February 5, 2016, the 12-month Euribor has been in positive territory since April 21.

The average Euribor rate for 12 months increased from 2.233% in September to 2.629% in October.

Euribor began to rise more significantly from February 4, after the European Central Bank (ECB) admitted that it could raise key interest rates this year due to rising inflation in the eurozone, and the trend accelerated with the start of the Invasion of Ukraine on February 24.

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On October 27, to curb inflation, the ECB raised three key interest rates by 75 basis points, the third consecutive increase this year, after raising three interest rates by 50 basis points on July 21. growth after 11 years, and on September 8 by 75 basis points.

Changes in Euribor interest rates are closely linked to increases or decreases in ECB key interest rates.

Three-, six- and 12-month Euribor rates hit record lows respectively: -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.

Euribor is set on the basis of the average rate at which a group of 57 Eurozone banks are willing to lend money to each other in the interbank market.

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Will there be a Black Friday discount? Diesel and petrol prices fall again in a week

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Será desconto de Black Friday? Preços dos combustíveis voltam a baixar para a semana

After successive increases, fuel prices begin to fall, which ultimately reduces consumer spending significantly, especially for those who travel by car every day. Indirectly, this fall in prices will also affect the prices of the products we find in supermarkets (among many other sectors), which in a period of high consumption will be a welcome relief.

For the third week in a row, diesel and gasoline prices have fallen again.

Fuel prices continue to fall

Today's news shows that diesel and gasoline prices are expected to fall next Monday by 0.05 and 0.045 euros respectively.

According to the General Directorate of Energy and Geology (DGEG), next week's average prices should be 1.641 euros per liter of regular diesel fuel and 1.644 euros per liter of 95 petrol, not forgetting that prices can vary from gas station to post office.

Until the end of the year, consumers will continue to benefit from lower ISPs and the suspension of the carbon tax. Despite this decline, prices remain above pre-war levels.

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discover the 10 foods that have grown the most in the past week

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discover the 10 foods that have grown the most in the past week

A basket of essential products now costs 212.76 euros, which is 29.13 euros (15.87%) more than it cost on February 23, on the eve of the outbreak of the armed conflict in Ukraine. Over the past nine months, dairy and meat products are the categories with the largest increases of 20.79% and 19.41% respectively.

According to the organization, “however, growth is being felt across all food categories. In the analyzed period, frozen food, fruits and vegetables, fish and grocery stores also rose in price by 17.96%, 14.45%, 14.38% and 13.34% respectively” compared to February.

Between October 16 and 23, the top ten products with the highest price increase were horse mackerel (24%), quick-frozen peas (18%), ground roasted coffee (13%), sea bass (11%), cereal flakes. (9%), sea bream and extra virgin olive oil (8%), port wine and hake medallions (6%) and finally dried garlic (4%).

From February 23 to November 2: fresh hake (50%), white sugar (49%), tomato pulp (48%), oranges (41%), UHT semi-skimmed milk (37%), turkey steak (33%). , cookies “Maria” and eggs (32%), carrots and a whole chicken (31%).

The Consumer Advocacy Association monitors weekly prices for a basket of 63 staples that includes turkey, chicken, hake, horse mackerel, onions, potatoes, carrots, bananas, apples, oranges, rice, spaghetti, sugar, ham, milk, cheese and butter.

The association explains that this increase is due to the fact that Portugal is “heavily dependent on external markets to guarantee the supply of cereals needed for domestic consumption”, which “currently represent only 3.5% of national agricultural production: mainly corn (56 %). , wheat (19%) and rice (16%).

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“And if in the early 1990s self-sufficiency in grain was about 50%, now the value does not exceed 19.4%, which is one of the lowest rates in the world and obliges the country to import about 80% of grain. ” adds Deku.

The organization explains that “the Russian invasion of Ukraine, where most of the grains consumed in the European Union and Portugal come from, has put even more pressure on the sector, which is struggling with the consequences of the pandemic and drought. with a strong influence on production and stockpiling.”

“Limiting the supply of raw materials and increasing the cost of production, namely the energy needed for agri-food production, can thus be reflected in higher prices in international markets and, consequently, in prices at the consumer,” he emphasizes.

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