The new withholding tables published this Monday include a mechanism that will apply in September and October, which will result in a withholding rate of 0% in these two months for gross salaries up to €1,175.
The purpose of this mechanism is to offset the excess tax withheld by taxpayers (workers and pensioners) since the beginning of the year, taking into account the changes to the IRS approved by Parliament in the meantime – and which, despite coming into force from this month, apply to income for the whole of 2024.
This includes a reduction in the IRS rates applicable to the first six income brackets (from 0.25 to 1.5 percentage points), an increase in the specific deduction for income from work and pensions in accordance with the update of the Social Support Index, and an update of the Social Support Index for minimum subsistence (which corresponds to the minimum portion of income after deduction of tax).
Author: Lusa
Source: CM Jornal
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