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PROPOSAL of law No. 2/XI explanatory memorandum the consequences of international financial and economic crisis were more intense than initially predicted. Despite the recognized signs of recovery in economic activity, resulting in General, of the set of measures promoted and coordinated by the various States, and, in particular, of the measures taken by the Portuguese Government, in particular to ensure stability to the financial system and to support the economy and families, the sharp decline of the tax and contribution revenues was inevitable. The tax revenue in 2009 reflected strongly negative progress of the main macroeconomic variables, checking a decline now estimated at 13.2% of the charged in the previous year. Compared to the fiscal revenue value underlying the law No. 10/2009, of 10 March, provides for a reduction of about 4,500,000,000 euros, largely justified by the evolution of indirect taxes, VAT in particular, resulting from the contraction of domestic demand and prices. The level of direct taxes, relatively more unfavourable developments in the labour market has been contributing negatively to the IRS collection. In turn decreased the IRC recipe arises from the deterioration of companies ' results in 2008 that if reflected in a lower revenue on self-assessment, a greater volume of refunds and reduction of payments on account. To combat the effects of the crisis, the Portuguese Government has taken various measures to promote economic growth and employment, support investment, strengthen the soundness of credit institutions and promote liquidity conditions in the financial markets, and, to that extent, guarantee the regularity of financing to families and businesses. These measures include inter alia reducing the deadlines of repayments (Decree-Law No. 211-A/2008, of 3 November), the extraordinary grant of personal guarantees by the State (Law No. 60-A/2008, of 20 October), the public savings scheme (Law No. 63/2008, November 24) and the increase of the limit of protection of deposits with the elevation of the guarantee threshold of EUR 25000 to 100000 euros. Under and 2 following the December 2008 European Council, the Portuguese Government launched the initiative for investment and employment (Law No. 10/2009, of 10 March), an integrated programme to promote investment and employment. Despite the positive impact of the measures adopted by the Government and a more favorable developments in the financial markets, the aforementioned decreased tax revenue makes it necessary to make some adjustments, in particular at the level of redistribution of debt limits set out to tackle the needs resulting from the execution of the State budget and the redeployment of some items of expenditure without increasing the maximum authorised limit. So: under d) of paragraph 1 of article 197 of the Constitution, the Government presents to the Assembly of the Republic the following proposal of law: article 1 amendment to law No. 64-A/2008 of 31 December articles 139 and 149 of the law No. 64-A/2008 of 31 December, shall be replaced by the following: ' article 139 [...] 1-to address financing needs arising from the implementation of the budget of the State, including the services and funds endowed with administrative and financial autonomy, the Government authorized pursuant to paragraph (h)) of article 161 of the Constitution and article 142 of this law, to increase the overall net debt, up to the maximum amount of (euro) 15011.7 milhões. 3 2-adding the preceding paragraph in relation to the limit laid down in law No. 10/2009, of 10 March, which changed the law No. 64-A/2008 of 31 December, is carried out against a reduction in the same measure, the ceiling provided for in article 149 Article 149 [...] Exceptionally, to meet the financing needs, with a view to enhancing financial stability and the provision of liquidity in financial markets, the Government is authorized, in accordance with paragraph (h) of article 161 of the Constitution) and article 142, the net debt increase direct global up to € 15096.2 milhões, which in addition to the maximum amount provided for in article 139 of this law.»
Article 2 Amendment to maps of law no 64-A/2008 of 31 December changes arising from this law contained in the maps I to IX annexes to this law, which shall form an integral part, and which override the corresponding maps referred to in article 1 of law no 64-A/2008, of 31 December.
Seen and approved by the Council of Ministers of 19 November 2009 the Prime Minister and State Minister of Finance Minister of the Presidency Minister of Parliamentary Affairs
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