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galpLogoGalp Energia, in addition to refusing to pay the statutory fuel company supplement tax and now owing the Treasury around €250 million, has been caught on the fiddle again.
 
A fiscal ruse, referred to in-house as a ‘flexi-scheme,’ has seen Galp employees putting the company’s Fiscal Identification Number on many of their personal purchases. The company later claims these sums as business expenses to reduce its tax payments.

EN125SuperBockThe government announced today that it is to spend €1 million patching up holes in the region’s poorest main roads, the EN125, EN124 and EN396, with just €300,000 allocated to the EN125' eastern section.
 
The Secretary of State for Infrastructure, Guilherme d'Oliveira Martins, announced the emergency spending today at a meeting in Faro with Algarve council leaders. 

CacelaVelhaLagoonThe Communist party has delivered a resolution to parliament that recommends urgent intervention in the ​​Cacela Velha and Fábrica areas of Vila Real de Santo António after the March storms caused further coastal damage, leaving the old fort even closer to the cliff edge.
 
Erosion and the silting up of the Ria Formosa in this area was accellerated by poorly thought-out completed in 2010 when a new channel was opened to connect the Ria Formosa to the sea.

EN125RoadSurfaceNow that the government has been caught out issuing a series of ‘Terminological inexactitudes’ in blaming the Court of Auditors for the interminable delay in upgrading the eastern Algarve’s EN125 road, (HERE) a Secretary of State is being dispatched to Tavira with the latest raft of, no doubt, inventive excuses.

A Secretary of State for Infrastructure will arrive on Monday and present himself at Tavira City Hall where members of the Intermunicipal Community of the Algarve (AMAL) will be treated to his utterances.

eurozoneThe Canadian ratings agency, on which Portugal’s financial stability has depended when the other three top agencies classified the country’s bonds as ‘junk,’ has lifted its opinion to BBB, which - at the moment - is as good as it gets.
 
This new debt rating is the second level of 'quality investment,' with DBRS adding a ‘stable’ outlook, meaning that short-term changes are not likely.

montepioThe government is to "analyse" whether or not to instruct Santa Casa Misericórdia de Lisboa to abort its highly contentious investment in Montepio Bank (Caixa Económica Montepio Geral).
 
MPs have demanded that the Government use its powers to cancel the deal between the cash-rich charity and the struggling bank, claiming pressure has been put on the charity to release funds to help shore up the bank’s capital.
 

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