State budget: without TAP and with an increased tax burden

With no surprises, the state budget for 2024 was passed in general order only with the support of the Socialist faction. Livre and the PAN abstained, while the other opposition parties voted against it. The president instructed himself to recognize that the document could not be "very excellent" because it was designed "as a defensive measure" due to a "context that does not imply growth" in Portugal and among partner economies.

Most of the criticism from the right focuses on the increase in tax revenues next year, mainly through indirect taxes. These are warnings that have already been foreseen by Joao Cesar das Neves. "The minister drew attention to the many small measures on direct taxes (Personal Income Tax and''legal entities), because what is actually happening is related to indirect taxes (VAT, excise duties, etc.), which, thanks to inflation, are increasing by 3,300 million.

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Combined with the increase in contributions, this again leads to an increase in the tax burden (the maximum was 38% of GDP in 2022 and will rise to 38.2% in 2024)", he said. Also, economist José Antonio Ferreira Machado picked up on the idea of a "fiscal illusion" and recognized that the budget is "cautious" but at the same time "promises more than it actually delivers. In other words, it cautiously reflects the obvious side and then takes away from the other. "