Announcement was made at the end of the Council of Ministers.

Government approves increase in IRS assignment to 1%

12:23 - 02/05/24 por Beatriz Vasconcelos com Lusa

Economia IRS

The Council of Ministers approved this Thursday a measure that doubles the IRS allocation from 0.5% to 1%, announced the Minister of the Presidency, António Leitão Amaro, in a press conference.

This is a doubling of the amount that is donated to social institutions and applies from next year's IRS campaign, which concerns income from 2024.

It should be recalled that, according to the Tax Authority (AT), the allocation consists of allocating 0.5% of the tax destined to the State or the amount of the deduction for the requirement of VAT borne by any member of the household to an institution.

This year, it should be recalled, there are more than five thousand entities eligible to receive a part of their IRS, according to the information made available on the Finance Portal. In total, there are 5,037 entities, and taxpayers can choose one.

[News updated at 12:43 pm]

Read Also: Taxpayers have already submitted more than three million IRS returns (Portuguese version)

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