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New withholding tables reflect changes in IRS

5 DEZEMBER 2022
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Autoridade Tributária e Aduaneira Governo IRS
There will be a reduction of EUR 25 on a salary of EUR 1,350, according to the calculations made in the Ministry of Finance's simulations.
New withholding tables reflect changes in IRS
Source: Pexels
Author: Redaction

Following the new withholding tables, the Ministry of Finance presents new calculations for changes to the IRS. These updates will come into force in 2023 and, according to the simulations presented by the Ministry, will mean that a single person without dependents, with a gross salary of €1,350 per month, will have a reduction in personal income tax of €15 in January and €25 from next July. The new withholding tables will be applied between January and June of next year, establishing the new model for withholding this tax.

Also according to the simulations presented, a single dependent with a gross salary of 850 euros, who currently pays 57 euros in IRS, will see this contribution reduced by 20 euros from January and again in July, where he or she will only pay 1 euro. This change will have direct consequences on the net salary of taxpayers with this salary amount, who will receive €813 net in January and €849 net from July onwards, as opposed to the €793 currently in force. If the taxpayer sees an increase in their salary of 5.1% in 2023, this will result in a gross increase of around €893. Thus, according to the new withholding tables that will come into force, it is possible to ensure a net salary - not counting Social Security deductions - of €834 in January, increasing to €871 from July.

The Ministry of Finance comments: "Once the new model is adopted, an increase in gross salary will always correspond to an improvement in net salary [contrary to what] occurred in some situations with the current withholding model."

For a married worker with a gross income of 2,500 and a child, who has not had an increase in their salary, this change will only be registered from July, when they will see their net income rise by €41. With the 5.1% salary update, this will mean that you will have a monthly gain of £75 in the first half of the year, and of £120 from July onwards.

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Autoridade Tributária e Aduaneira Governo IRS
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