Several tax changes related to the 2024 IRS have come into effect, bringing new changes to tax deductions. Learn more here.
The State Budget for 2024 (OE2024) brought significant adjustments, and the Tax Authority (AT) highlights some of the main changes to take into account, especially with regard to domestic work, rents, education and deductions related to sports and gyms.
1- The deduction of 5% from the annual expenses for the remuneration of domestic workers becomes possible, with a limit set at €200.
2- In education: In professional training, it is possible to deduct 30% of expenses up to €800. Deduction of up to €400 of the cost of rent for displaced students.
3- The deduction limit for rent paid for permanent residential properties was set at €600. However, for taxpayers with taxable income below €7,703, the deduction is now €900.
4- The deduction for invoice requirement related to sports activities/teaching and gyms was increased from 15% to 30% of the amount of VAT supported on the invoice.
Understanding these changes is crucial to ensure efficient financial management and informed tax compliance. See more detailed information. https://info.portaldasfinancas.gov.pt/pt/at/Pages/default-0.aspx
