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January 25, 2013 Algarve, Blog, Portugal

Suggested VAT rise for wine and culture may happen

We haven’t reported very much on the start-of-year financial news coming from the Algarve, but it’s about time to do so because today we’ll be talking about another potential VAT rise that will surely affect tourism to the region and that people need to be aware of.

It appears to tat the International Monetary Fund – IMF – sees some untapped financial potential for the Portuguese government to increase the VAT on goods and services like wine, processed foods and cultural events thus further widening the tax base. The current VAT for these is set at 13% and the IMF suggests that it can go up to 23%.

This assessment is part of the IMF country report which is part of the sixth evaluation of Portugal’s bailout programme.

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