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Horta ,  February 16, 2017

Regional workers and companies benefit from 250 million Euros more in disposable income in the Azores

The Vice-President of the Government revealed that the Regional Government's strategic options regarding taxes as well as the creation and increase of additional support measures allowed Azorean workers and companies to benefit from 250 million Euros more in disposable income compared to that they would get if they lived in other regions of the country.
"Azorean companies and families have an added benefit of 250 million Euros in terms of disposable income compared to those who live in Mainland Portugal or Madeira on equal footing," said Sérgio Ávila during a speech he delivered at the Legislative Assembly on Wednesday.
The increase in disposable income results from the restitution of 30 percent in the reduced and intermediate VAT rates and the reduction of 20 percent in the standard VAT rate as well as in the Corporate Income Tax. This adds up to the payments of wage supplements to regional administration workers, pension supplements and family benefits, among other regional measures.
"We made an option [in 2015]; an option for the Azorean people; an option for the Region. With the possibility of resuming the tax differential, we have decided to go much further" by reducing taxes on labour, ensuring more disposable income to workers with the reduction of Personal Income Tax. These measures helped to stimulate consumption and brought gains to the regional economy, added the Vice-President.
In this context, he stressed that," as result of this significant tax reduction in income up to 20 thousand Euros in 2015, the Azores currently benefit from a reduction of taxes on labour as they have never had before."
Sérgio Ávila also stressed that the income of all Azoreans, up to 7,000 Euros, "are taxed at a rate that is lower by 30 percent compared to the national average." As for the income level between 7,000 and 20,000 Euros, "Azorean workers pay 25 percent less in income tax than the national average."
"This is what we have done in terms of choices, ensuring that the Azoreans benefit today from a tax level on income labour that is the result of this tax differential, the lowest in the history of our Autonomy," said the Vice-President.
"This is our heritage, of which are proud, and it has recently earned the support of the Azorean people," said Sérgio Ávila.


Official government press-releases presented in all foreign languages interfaces of the Azorean Government Portal (Portal do Governo dos Açores) are a sub-set of the government's official press-releases daily output and are chosen for translation and publication on the foreign language interfaces based on audience segmentation criteria. The entire collection of the Azorean government press-releases is available in portuguese, here, from the GACS Press Office site.

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