The reduction of the withholding tax of the IRS can bring gains between 12 euros and 200 euros a year for taxpayers, advanced today the Secretary of State for Tax Affairs.
“These gains will be significant. We can talk about 200 euros per year, or variations from 12 to 14 euros per year. It depends on the performance of each one, it is an adjustment that is made permanently ”said António Mendonça Mendes this Tuesday.
The Secretary of State pointed out that the retention tables will come into effect from January 2021, but that the tables will be made public in December. Then, “we can do all the simulations of the monthly net gain”.
Mendonça Mendes pointed out that this measure will make “there is less difference between withholding tax and tax payable”.
In the Government's accounts, “200 million euros will be distributed in all tables” in 2021. In the last two years, the adjustment of the table allowed a gain of “500 million euros” for taxpayers, according to the Secretary of State. Adding this value to the value predicted for 2021, Mendonça Mendes pointed out that “the adjustment in the retention tables will allow” taxpayers to recover “700 million euros”.
For 2021, the Government expects the Portuguese economy to grow 5,4% after a record 8,5% drop this year.
The budget deficit is expected to reach 7,3% of GDP this year, dropping to 4,3% in 2021.
Public debt, on the other hand, is expected to decline from 134,8% of GDP in 2020 to 130,9% at the end of next year.
António Costa's executive expects to collect 43.850 million euros in taxes in 2021, a further 2.839 million euros (7% more) compared to the estimate for this year.
The taxes that most contribute to this increase are VAT and IRC with increases of 1.228 million and 1.167 million euros, respectively.
The new OE 2021 measures will have a budgetary cost of 1.947 million euros, equivalent to almost 1% of GDP.
The reduction of the withholding tax of the IRS can bring gains between 12 euros and 200 euros a year for taxpayers, advanced today the Secretary of State for Tax Affairs.
“These gains will be significant. We can talk about 200 euros per year, or variations from 12 to 14 euros per year. It depends on the performance of each one, it is an adjustment that is made permanently ”said António Mendonça Mendes this Tuesday.
The Secretary of State pointed out that the retention tables will come into effect from January 2021, but that the tables will be made public in December. Then, “we can do all the simulations of the monthly net gain”.
Mendonça Mendes pointed out that this measure will make “there is less difference between withholding tax and tax payable”.
In the Government's accounts, “200 million euros will be distributed in all tables” in 2021. In the last two years, the adjustment of the table allowed a gain of “500 million euros” for taxpayers, according to the Secretary of State. Adding this value to the value predicted for 2021, Mendonça Mendes pointed out that “the adjustment in the retention tables will allow” taxpayers to recover “700 million euros”.
For 2021, the Government expects the Portuguese economy to grow 5,4% after a record 8,5% drop this year.
The budget deficit is expected to reach 7,3% of GDP this year, dropping to 4,3% in 2021.
Public debt, on the other hand, is expected to decline from 134,8% of GDP in 2020 to 130,9% at the end of next year.
António Costa's executive expects to collect 43.850 million euros in taxes in 2021, a further 2.839 million euros (7% more) compared to the estimate for this year.
The taxes that most contribute to this increase are VAT and IRC with increases of 1.228 million and 1.167 million euros, respectively.
The new OE 2021 measures will have a budgetary cost of 1.947 million euros, equivalent to almost 1% of GDP.