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Portuguese government approves tax breaks for young people

Portuguese government approves tax breaks for young people

The Council of Ministers approved the new IRS Jovem regime, which includes paying one-third of the tax rate up to a maximum of 15% on all income from work for people under 35 years of age. Young people will also be exempt from paying IMT, stamp duty and registration fees when buying a home.

Source:https://www.jn.pt/5144880284/governo-aprova-irs-jovem-com-taxa-maxima-ate-15-para-rendimentos-mais-altos/

The new regime differs from the previous one in that, rather than being exempt, it cuts by a third the rates currently applied to the first eight scales, meaning young people will pay between 4.4% and a maximum of 15% to the IRS.

The Council of Ministers also launched a mechanism of state guarantees of up to 15% of the purchase price of real estate with a limit of up to 450 thousand euros, which applies to citizens aged 18 to 35 years who apply for lending and have not previously used state guarantees. The government plans to let the measures come into force on August 1.

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