LISBON, Oct. 13 (Xinhua) -- The 2018 state budget will be submitted to parliament on Friday after it was approved by the Council of Ministers, the Portuguese government said.
The Council of Ministers discussed the document for 14 hours, reaching an agreement in the early hours of Friday, a government source told the Portuguese Lusa News Agency.
Minister of Finance Mario Centeno will now deliver the proposal to parliament for lawmakers to analyze and debate.
Negotiations in drafting the budget have been more intense than usual this year.
The government's hand has been forced on thawing a public sector pay and promotions freeze, raising the state pension, and increasing the number of income tax bands. The bottom band threshold, the subsistence minimum below which earners do not pay income tax, is also set to be raised.
In terms of consumer goods, taxes will likely increase on the purchase of cars, tobacco, sugary drinks and salty foods.
Centeno will present the first parliamentary reading of the document on Nov. 3. There will then be further discussions until a final vote on Nov. 28.
