Off the wire
• ICBC signs MOUs to strengthen cooperation related to "Belt and Road" initiative  • Egypt rejects U.S. call to release activist accused of "exploiting street children"  • CPC publicity chief stresses honoring role models  • 1st LD Writethru: 10 killed as bus falls into pond in eastern India  • Afghan official seeks China's support to equip National Police Hospital  • Namibian teachers vote for strike  • Sri Lanka condemns terrorist attack on Indian military base  • Albania softens tax penalties against businesses  • Armenia sees low turnout in first round of local elections  • Feature: Massive protests held in Japan marking anniversary of controversial security laws  
You are here: 　 Home

New property tax to ward off potential investors: Portuguese hotel group

Xinhua, September 19, 2016 Adjust font size:

A new property tax in Portugal will ward off potential investors, a hotel association in the city of Algarve said Monday.

"At a time when residential tourism is one of the few sectors where investment is growing, namely foreign investment, a measure of this nature will cause huge apprehension among economic agents and potential national and international investors," the association said in a statement.

The new tax also reflects a lack of understanding regarding the importance of tourism activity for the Portuguese economy, the association pointed out.

The association's concerns come after it was revealed last week that the leading Socialist Party and the Left Bloc party created a new tax on properties of high value.

While Portugal's Socialist government has promised to roll back austerity by restoring pensions and salaries, it has also introduced measures to meet the European Commission's requirements to further reduce the country's debt burden.

Portugal missed its budget deficit target of 2.7 percent agreed with the Commission last year but the government has assured the deficit will be below the 3 percent threshold this year. Endit