The Organization for Economic Cooperation and Development (OECD) has welcomed Portugal’s fiscal consolidation plan, emphasizing that it will serve to support growth.
Determined to consolidate its budget, and to bring the budget deficit below 3% of GDP by 2013 (from 9.3% in 2009), Portugal recently announced its fiscal consolidation strategy, which seeks to achieve its consolidation goals through a combination of expenditure restraint and revenue-raising initiatives. Measures to raise revenue include some broadening of social security contributions and personal income tax, while by and large maintaining current rates.
The OECD has praised Portugal’s consolidation strategy, emphasizing that efforts to make the tax system more broad-based and to minimize any negative impact of fiscal consolidation on potential economic growth are welcome. According to the OECD, the strategy “goes in the direction of maintaining market confidence, supporting growth and ensuring fiscal sustainability”.
The OECD noted that the Portuguese authorities are encouraged to implement their consolidation strategy, underpinned by the Stability and Growth Programme to be finalized later this month, within a pluriannual budgeting framework supported by expenditure ceilings..
Kazakhstan's President on April 9 signed legislation ratifying a protocol to the DTA with Belarus.
Macau's Office of the Chief Executive on April 3, 2018, issued Order No. 63/2018 authorizing the conclusion of a DTA with Vietnam.
Latvia and Chile discussed launching DTA negotiations during a two-day meeting that concluded on April 10, 2018.
Finland's President on April 6, 2018, authorized the signature of a DTA with Hong Kong.
Austria's Federal Council on April 5, 2018, approved the DTA with Japan.
A protocol updating the DTA between India and Kazakhstan entered into force on March 12, 2018, and was published in India's Official Gazette on April 12, 2018.
Finland is proposing to terminate its existing DTA with Portugal at the start of 2019, should Portugal fail to ratify a replacement DTA negotiated between the two states.
The Spanish Senate on April 11, 2018, approved a DTA with Finland.
The Czech Senate on April 4, 2018, approved a law to ratify the DTA being negotiated with Kosovo.
Singapore on March 13, 2018, announced plans to update the DTA with Bangladesh signed in 1979.
Cambodia and Vietnam on April 5, 2018, signed a DTA.
A DTA between India and Zambia was signed during a three-day visit Zambia ending April 12, 2018.
Kosovo on April 4, 2018, approved negotiations towards a DTA with Saudi Arabia.
The Assistance in Recovery clause in the DTA between Australia and France entered into force on April 1, 2018.
The Saudi Cabinet on April 3, 2018, approved a DTA with Hong Kong.
Bangladesh and Azerbaijan on April 6 agreed to speed up negotiations towards a DTA.
South Korea and Vietnam on March 25 agreed to work towards amending their DTA.
The Moroccan upper house of parliament on April 5 passed draft Law No. 22.18, endorsing a DTA signed with Bangladesh.
At a March 15 meeting, representatives from Hungary and Ecuador discussed engaging in talks towards the conclusion of a DTA, Hungary's Ministry of Finance reported on March 21, 2018.
On March 21, 2018, Nigeria completed its domestic ratification procedures in respect of the DTA signed with Singapore.
Kazakhstan's Senate on March 29, 2018, approved a law to ratify the DTA signed with Belarus.
During a meeting on March 29, 2018, representatives from Kenya and Mozambique agreed the two countries should agree a DTA.
Georgia and Saudi Arabia signed a DTA on March 14, 2018.
Turkmenistan and the United Arab Emirates signed a DTA Protocol on March 15, 2018.
India and Hong Kong signed a DTA on March 19, 2018.