There are 9 tax changes that came into force at the beginning of the year. It is important to know what they are because they will have an impact on the IRS to be paid.
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The 2023 State Budget, like previous years, brought changes to the IRS. It is almost certain that, one way or another, these changes will be felt in your family accounts.
One of the main measures, in force since January, concerns a new change in the IRS levels. In addition to a 5.1% update on each tier limits (to accommodate salary increases), there is a reduction in the 2nd tier marginal rate. This drop from 23% to 21% is reflected in the other brackets.
The withholding tax tables (which define the monthly amount of discounts for the IRS) have also changed and additional changes are expected in July. The idea is that the amount charged to taxpayers gets closer and closer to what they should actually pay, thus reducing IRS refunds.
IRS Jovem, for young people starting their careers, also brings some news. The same goes for deductions per child or the reduction of the withholding tax for those who have mortgage loans.
Learn about the main changes to the IRS in 2023 in this Balance item Positive.
Learn more about other contents of Saldo Positivo.
O Positive Balance is Caixa Geral de Depósitos’ financial literacy website and aims to make life easier for the Portuguese with regard to money management with the regular publication of articles, news, guides and infographics.
