IRS - Recommendation to Avoid Surprises in Final Settlement
The Order of Certified Accountants advises taxpayers to prevent unexpected outcomes in their final IRS settlement following the Prime Minister's announcement of tax relief up to the sixth IRS bracket. Paula Franco notes the adjustment is standard, with the tax table already updated for November's Christmas bonus payment, resulting in higher net pay and less withholding.
The Order of Certified Accountants has issued a recommendation to Portuguese taxpayers to avoid unexpected tax liabilities during the final IRS settlement process. This follows the Prime Minister's recent announcement of tax relief extending up to the sixth IRS bracket. Paula Franco, speaking to TSF, clarified that the tax adjustment mechanism is not new, as the Government has historically adjusted IRS rates twice annually. She emphasized that the tax table has already been updated for the November Christmas bonus payment, meaning taxpayers will receive higher net income and less tax withheld at source. This adjustment ensures that individuals benefit from the tax relief immediately, rather than waiting for the year-end settlement.