Portugal - new plan until 2028

18.04.2024 Portugal has approved a Government action plan for the period up to 2028, which will reduce Income Tax Rates (IRS) on income, which will lead to an overall tax cut of about €1.5 billion compared to last year.

It is planned to reduce the marginal tax rates for individuals. persons up to the 8th group by 0.5% - 3%. A special IRS Jovem income tax will be established for young people under the age of 35, with a reduction of 2/3 of the current rates. At the same time, the maximum IRS rate will have to be 15%.

For companies, over the next 3 years, corporate tax rates (IRC) will gradually be reduced by 2% per year, until the base IRC rate of 15% is reached; taxation of company-owned vehicles will also be reduced by 20%.

Link to the source: https://www.portugal.gov.pt/download-ficheiros/ficheiro.aspx?v=%3d%3dBQAAAB%2bLCAAAAAAABAAzNDE0swQAB...