Portuguese Parliamentary Committee Approves Revised Personal Income Tax Brackets/Rates

On 5 June 2024, the Budget, Finance, and Public Administration Committee of the Portuguese Parliament approved a proposal for the revision of the personal income tax bracket thresholds and rates as follows, including adjustments in the upper bracket thresholds and reductions in the first six rates:

• up to EUR 7,703 – 13.00% (down from 13.25%)
• over EUR 7,703 up to 11,623 – 16.50% (down from 18.0%)
• over EUR 11,623 up to 16,472 - 22.00% (down from 23.0%)
• over EUR 16,472 up to 21,750 – 25.00% (d…