November salaries will arrive higher in the pockets of Portuguese workers, thanks to the IRS reduction being implemented by the Government. This tax reduction will cover all taxpayers up to the sixth IRS bracket, which represents significant relief for a large portion of workers in the country.
The measure will take effect from November but will be applied retroactively, meaning the amounts relative to the months of January through October will also be corrected. This means that workers should receive not only the higher salary in November but also a possible correction of the salaries already received this year.
The exact amount of the reduction that each worker will feel in their salary is not yet known. The Ministry of Finance has not yet revealed the concrete amounts, which leaves many taxpayers in anticipation about how much they will actually receive extra.
Tax specialist José Carlos Pinto warned workers not to spend the full additional amount they will receive. According to the specialist, it is prudent to consider that the final amount may still undergo adjustments, so he recommends that taxpayers wait for confirmation of the amounts before making plans for expenses with the extra money.
