The Portuguese government needs more young and foreign workers to stay, which is why Portuguese government is prepared to cut taxes taxes. Currently, anyone earning more than $21,000 has to pay 26% income tax over $17,300.
The government’s new plan will eliminate taxes for anyone earning up to $29,300 in the first year, with rates gradually increasing over a decade.
The government will also apply this plan to foreign workers to encourage more people to stay in the country. It is estimated that around 30% of Portuguese citizens aged 15 to 39 currently live abroad.
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