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"The Government collected 700 million euros in VAT and returned 700 million euros in ISP. What it gave with one hand it took away with the other"Photo by Ralphs_Fotos on Pexels
Politics

"The Government collected 700 million euros in VAT and returned 700 million euros in ISP. What it gave with one hand it took away with the other"

CNN Portugal15 September 2026 at 20:10

The State Budget for 2024 allowed the State to collect an additional 700 million euros in VAT, but simultaneously returned approximately 700 million euros through ISP. The expression used in this analysis summarizes the situation as what the Executive gave with one hand, took away with the other.

The comment was made by António Mendonça Mendes, a deputy from the Socialist Party, the party that supported the State Budget in question. Mendonça Mendes analyzed in this way the response of the Government of Luís Montenegro to the increased cost of living experienced by Portuguese citizens.

The fiscal situation described illustrates how the Executive's measures ultimately had no significant impact on taxpayers' wallets. Although there were refunds through ISP, these were practically nullified by the increase in VAT revenue.

The article arises in the context of the discussion about whether the State Budget managed to effectively respond to the rising cost of living in Portugal, with the opposition criticizing the insufficiency of family support measures.

Why this matters

This analysis is of interest to Portuguese readers because it exposes a potential flaw in the government's fiscal policy: the measures promised to combat the cost of living may be nullified by tax increases in other areas. Citizens are thus left without the expected financial relief, directly affecting their wallets. The PS's criticism follows the political debate on the effectiveness of government responses to inflation and the rising cost of living.

About this summary

This is our short summary of a report published by CNN Portugal on 15 September 2026 at 20:10; the full text stays with the publisher. In our feed it sits under Politics. We currently carry 30797 items in that section.

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