The IRS in 2023 will undergo important changes that make a difference in taxpayers' lives. These changes are foreseen in the OE for next year.

The document has already been delivered to Parliament and should be voted on on October 26th. If approved, the proposals will promote salary appreciation.

They will also have an impact on reducing financial and economic uncertainty, according to Minister Medina and the Government. This aims to offer more security for families.

At the same time, the State Budget also proposes changing the contribution bands. Therefore, changes in salaries will not impact family income.

Do you want to know how it will work and what benefits and impacts IRS 2023 will bring, if the proposal is approved? Keep reading and find out everything about it.

One of the main new features that the 2023 State Budget suggests and that impacts the IRS is the change in income.

As stated above, the project aims to increase wages. However, salaries may be adjusted by 5.1% in 2023. This, of course, depends on OE approval.

This appreciation, if approved, will be global. It will apply to all salaries. Therefore, it will impact all salary levels, from the lowest to the highest.

Thus, anyone who received 1,500 Euros per month in 2022 will receive 1,576.5 in 2023. Therefore, it is a considerable adjustment, which makes a difference in the worker's pocket.

Furthermore, the OE proposal adds changes in family income with adjustments in the IRS 2023 table. As a result, families with lower income will see their net income grow more.

The salary adjustment proposed to take place in 2023 by the OE may also accompany a change in the IRS itself.

That, in fact, makes all the difference. Otherwise, the salary promotion could change the worker's IRS tax bracket. As a result, he would not have gained any real income.

In other words, the salary increase scheduled for 2023 could result in citizens paying taxes at higher percentages than those applied today.

In other words, an increase in wages with an increase in taxes, so that one would cancel out the other. The proposal, however, is one of stability and appreciation. Hence the change in IRS 2023.

Furthermore, the addition of salary appreciation to the adjustment of the IRS 2023 table, therefore, is a victory for the worker, who will see their monthly income rise.

The IRS 2023 table, if approved by Parliament, will look as follows:

The 2023 State Budget brings a series of predictions that impact worker income. Therefore, they all depend on Parliament's approval, of course.

If approved, see the changes that impacted income and IRS payments by the Portuguese population:

Also, note that the change in the IRS 2023 and the salary adjustment also impacts other issues:

Furthermore, the OE provides predictions that apply to IRS 2023 aimed at young people. After all, they have a special tax regime, developed especially for this group.

The Young IRS applies to income earned by workers aged between 18 and 26.

Furthermore, they cannot be listed as dependents in a household, meaning financial independence is implied.

According to the OE, the IRS 2023 for young people would be reinforced, becoming even more beneficial to beneficiaries. The change refers precisely to the exemptions that apply.

That is, the discounts that young people have from the IRS. They will increase and can benefit the class even more. See what the discounts and exemptions look like:

This change, as well as the others that apply to IRS 2023, depend on approval of OE 2023 by Parliament.

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