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The PS party proposal to increase the deduction of rent expenses for income tax returns to a maximum of €800, against the current €600, has been approved in general in the Assembly of the Republic.
By TPN/Lusa, in News, Portugal, Property · 09 May 2024, 12:05 · 2 Comments
The proposal was approved with votes against from the PSD and CDS-PP and in favour from the remaining benches. The objective is for the measure to apply from January 1, 2025.
At issue is the increase from the current 600 to 800 euros in the portion of rent that can be deducted from the IRS, with the PS proposing that this advance in order to reach that value "progressively until 2028", aiming for 50% in 2025, 25% in 2026 and 25% the following year.
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Fixing the rental market starts with a max tax of 15% on rental income.
In some cases it can be 48%. Who would rent a property in that scenario?
By Robert from Lisbon on 09 May 2024, 13:22
Totally crazy! Now people expect the government (read 'other taxpayers') to subsidise their rent. Neither rent nor mortgage interest should be tax deductible. You can't expect your living expenses to be tax deductible, otherwise no-one would have any income left that would be taxable.
By Billy Bissett from Porto on 10 May 2024, 10:20