Zero debt by Porto City Hall, reached in 2019, will now help companies and families hit by the crisis

Porto City Hall has reached zero debt in November 2019. This is the first time that the Municipality's current amount owed is zero. This cash balance will enable the City Hall to help families and companies in Porto.

  

The Mayor of Porto, Rui Moreira is assessing the scope of measures to discuss with the Municipal Executive, as the size of the crisis is better understood, and also what important measures are to be taken to protect people and companies.

The economic package takes into consideration the effects of the pandemic mitigation, which will shut down part of the city's economic base. The measures being prepared are in accordance with the defined national measures and are additional to those.

Besides, it is necessary to understand the duration of the forced economic shut down and what effects it might have on the municipal revenues (in the knowledge that the loss will be significant).

It will take more time to fully grasp the extension of the necessary measures, in order to adequately apply revenues to the most pressing needs.

Regarding the tourist tax, its suspension is seen as premature and pointless at the present moment. In fact, the tourist tax is not a burden on the tourism sector, as it takes its tolls on tourists, who are not here, at the moment.

The Municipality of Porto considers it should reduce the fixed costs of companies, especially trade, namely licensing and trade conditions, just to mention a few.

Porto City Hall is studying the impact on revenue, it is also estimating savings by the cancellation of sports events, concerts, theatres, museums, the municipal gallery, among others, to assess how will this amount be distributed to encourage the economic activity and to support families.