No wealth tax

High earners will not be penalised with a wealth tax as part of austerity measures, Portugal’s Prime Minister told Spanish newspaper El País.

During an interview with the paper, he stated that taxing the richest people in Portugal would not be beneficial to the country during these times of economic crisis.

Pedro Passos Coelho said: “If we adopt more aggressive fiscal measures we would lose investors to other countries.  We are not looking to penalise those who have the greatest ability to create wealth.”