Excise duty rates, which include tobacco and alcoholic beverages, will be updated by 1% next year, according to the proposed State Budget for 2022 (OE2022).
“With regard to Special Consumption Taxes, the tax rates will be updated at the rate of inflation (1%)”, can be read in the report accompanying the budget proposal.
According to the document, “considering the expected evolution for private consumption and domestic demand in the next year, an increase in revenue in 2022, compared to 2021, is expected to be 98 million euros in ISP [Tax on Petroleum Products] ( +3%), by 34 million euros in the IT [Tobacco Tax] (+2%) and by 10 million euros in the IABA [Tax on Alcohol and Alcoholic Beverages (+4%)”.
On Monday night, the Government delivered to the Assembly of the Republic the proposed State Budget for 2022 (OE22), which forecasts that the Portuguese economy will grow 4.8% in 2021 and 5.5% in 2022.