The Government Budget 2024 (OE2024) proposal, which the government presented to Parliament on Tuesday, will strengthen IRS tax exemptions for young workers and increase tax exemption limits.
Under the proposal, young people would receive an income tax exemption equal to 100% of their income, up to a limit of 40 times the Index of Social Assistance (IAS) value in their first year of work.
In the second year the exemption is 75% (so tax is levied on 25% of the income they receive) up to a limit of 30 times the IAS value, and in the subsequent two years tax will be levied on 50%. income having a limit equivalent to 20 times the IAS value.
In the fifth year, the exemption available to young people is 25%, with a limit of 10 times the IFRS value.
This benefit applies to both Category A (dependent work) and Category B (independent work, usually associated with green checks) income.
The current model provides a 50% tax exemption in the first year; 40% in the second; 30% in third and fourth years; and 20% in the fifth and final year of the measure, with these three types of limit exceptions (and in the same order), which is 12.5 times the Index of Social Support (IAS) value, 10 times the IAS value, B 7 .5 times the IAS value and five times the IAS value, respectively.
After delivery, the calendar indicates that the draft state budget for 2024 will be discussed as a whole on October 30 and 31.
The specialty discussions, where both articles of the OE2024 proposal and all proposals for amendments and additions submitted by the parties are discussed and voted on, will take place from November 23 to 29, culminating in a final global vote on the document.
Author: Lusa
Source: CM Jornal
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