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Proposal on new austerity measures – announced The Minister of Finance announced, on 31 August 2011, that a proposal for new austerity measures will be shortly presented to the Parliament. The new austerity measures, which would be effective only for the year of 2012, include:

|Proposed Changes|Portugal
Portugal
-   the increase of the state surtax (derrama estadual), which would be levied at the rate of 3% (currently, 2.5%) on income derived by resident entities exceeding EUR 1.5 million (currently, exceeding EUR 2 million); and

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