The reduction in IRS levels, which will mean 1,327 million less tax revenue for the State, is the most important measure of the State Budget Project for 2024, presented this Tuesday. But there are several other important measures that will hit your pocketbook next year, in areas such as pensions, utilities, housing credit, consumption taxes, tuition fees and fuel.

Updated IRS brackets and lower rates will reduce taxes starting in January

It will be from January onwards that the majority of Portuguese people will feel a lesser burden from the IRS on their payroll. In the State Budget proposal for 2024, the Government decided to reduce tax rates in all brackets up to the fifth; However, even those in higher brackets will feel tax relief due to the progressivity of the tax.

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