Portugal will lower the special tax levied on fuels from Friday to tackle an unprecedented spike in energy prices triggered by Russia’s invasion of Ukraine, caretaker Prime Minister Antonio Costa said late on Tuesday. Costa told a news conference in Lisbon that the cut on the special tax on fuels, known as ISP, will have no cost for the government as the extra revenues made on the value-added tax (VAT) would offset the cut.
Source: Portugal to lower fuel tax to help offset price hikes
