Jerónimo Martins rakes in €433 million and pays out 50% in dividends

Owner of Pingo Doce “owes €27 million to government” but refuses to pay

This shaggy dog story returned to the press this week, but dates back to a tax introduced during the government of Pedro Passos Coelho and which Jerónimo Martins, the owning company of food supermarket chain Pingo Doce, believes is unconstitutional. The company led by Pedro Soares dos Santos lodged its challenge over TSAM – literally translated as the tax of food security plus – in 2019, and the European Commission is ostensibly still appreciating the matter. In the last 10 years TSAM has brought €73 million in revenue to the Portuguese State, say reports.