The Government determined an additional ISP reduction of two cents on gasoline and 1.2 cents on diesel starting next Monday, which will be reflected in a relief of the tax burden, informed the Finance Department.
“The Government determined an additional reduction of the ISP of 1.2 cents per liter of diesel and of two cents per liter of gasoline, starting next Monday, May 9th. Considering the joint effect of the VAT taxation and ISP, the decision is reflected in a tax relief of 1.5 cents per liter of diesel and 2.5 cents per liter of gasoline”, says the Ministry of Finance, in a statement released today.
The reduction results from the ISP’s weekly update mechanism, which determines the return of any extraordinary VAT revenue, and will be re-evaluated next Friday, May 13th, indicates the executive.
The Government notes that “the relief now decided adds to the tax reductions already implemented, and which last week allowed consumers a tax discount of 20 cents per liter on each of the fuels”.
Thus, according to the Ministry of Finance, over the next week, the global relief of the tax burden on fuels through the weekly ISP review mechanism and reduction of the unit rates of this tax to the equivalent of a VAT rate of 13% will total 21.5 cents per liter of diesel and 22.5 cents per liter of gasoline.
Source: Renascença – Noticias by rr.sapo.pt.
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