What changes in terms of IRS with the OE2024?

Need to save money? We are here for that! Talk to Poupança no Minuto and find out how you can lower credit and insurance installments. But understand the changes made beforehand.

Changes in domestic work, education, income, and gym. But what are they?

The Tax Authority (AT) explains that the main changes made in the IRS with the State Budget of 2024, are related to domestic work, education, rent, and gym.

In its January newsletter, AT shares updates with taxpayers, including the following changes:  

Domestic work

"It becomes deductible 5% of the annual charges with the remuneration of domestic workers, with a limit of 200 euros."

Education & Learning

Professional Training - "It is now possible to deduct 30% of professional training expenses in the category of education and training expenses, while maintaining the overall limit of 800 euros";

Student displaced rental - "The deduction for expenses related to the rental of displaced students is increased to 400 euros. The overall limit of the deduction for training and education expenses is increased by 300 euros when the difference is related to rent." Available at: despesas-de-formacao

Income

"The deduction limit for paid rents increases to 600 euros for properties for permanent housing. In cases of taxpayers with a taxable income below 7,703 euros, the deduction would be 900 euros."

Sports and Gymnasium

"The deduction for invoicing requirements for sports/educational activities and gyms has increased from 15% to 30% of the amount of VAT paid on the invoice."

These are some of the changes imposed by the 2024 State Budget, in terms of IRS. Do you still need options to save in your budget? If you have credits and/or insurance, the credit intermediaries and insurance mediators from Poupança no Minuto can find solutions to lower what you pay monthly. Contact us and find out if, and how, we can help you!