IRS: New Withholding Tax Tables Come into Effect in September with Retroactive Effects
As of September, Portugal will have new withholding tax tables for Personal Income Tax (IRS). These changes aim to adjust the withholding tax to the taxpayers’ income, reflecting changes in tax legislation and the impact of annual updates. It is important to note that these new tables will have retroactive effects from the beginning of the year, which may influence the way in which income is taxed and possible refunds or additional payments to be made.