Government approves the Accelerating the Economy programme

The Council of Ministers approved the Accelerating the economy – Growth, Competitiveness, Internationalisation, Innovation, and Sustainability with 60 fiscal and economic measures to respond to 20 challenges to accelerate the economy’s growth at the meeting held in Oliveira de Azeméis.

The programme is the outcome of a fluid and productive articulation with the various Ministries. The measures will be revised, adjusted, and expanded, if necessary, given the Portuguese economy’s evolution and that of the global geopolitical context.

Of the 60 measures, we note the 25 most significant ones, divided into 5 points – scale, consolidation, and capitalisation; financing; entrepreneurship, innovation, and talent; clusterisation.

Scale, consolidation, and capitalisation

• Gradually cutting Corporate Income Tax up to 15%

• Setting up the scheme for VAT groups

• Reviewing the scheme deducting "goodwill" from tax

• Broadening the access to the participation exemption scheme

• Tax deduction for gains and dividends obtained by individuals in company capitalisation.

Financing

• Launch the "Stata pays in 30 days" plan

• Broaden the stamp duty exemption to centralised treasury management operations

• Increase the eligibility of the cash VAT eligibility

• Launch the Tourism 2024 bonds to diversify the sources of financing.

Entrepreneurship, innovation, and talent

• Boost the "PhDs in companies" programme

• Put researchers and teachers in governing bodies or shareholders in start-ups

• The new talent attraction scheme (IFICI+)

• Review the Tax Incentives on Research and Corporate Development (SIFIDE II).

Sustainability

• Contribute to the definition of an Environmental, Social, and corporate Governance reporting benchmark

• Set up the ESG SME Leader prize

• Include ESG criteria in access to public incentives and procurement

• +Sustainable Tourism

• Promote support to innovation in blue biotech

• Approve the National Plan for Marine Waste 2024-28.

Clusterisation

• Launch the Defence Economy programme

• Accelerate the circular economy in Trade and Services

• Launch the 2035 Tourism Strategy

• Conclude the National Maritime Space Land Planning Plan

• Industry 2045, sustainable re-industrialisation strategy

• Reinforce internationalisation of the Portugal brand.