Major Changes to IRS on 2012 (Lisbon)
This is a very short resume of the changes for the IRS in Protected content proposal):
Major Changes to IRS on Protected content
The value for ‘lunch fee’ will be lowered, so, from Protected content , instead of 6,41€ / day tax-free, there will be a value of 5,55€ / day tax free
Those values will be taxed from 4.140€. In Protected content 6.000€ per person, is not taxed.
In Protected content can deduct 30% of all health expenses (the ones with 6% VAT). From Protected content , you’ll be able to deduct only 10% with a 838€ deduction limit.
Amortization of house buying expenses
Until Protected content can deduct both amortization and interests. From Protected content be able to deduct only the interests (the deduction will lower) and there will be cuts on the maximums.
This deduction will end (Definitely) on Protected content , and the maximums will lower year after year until that date.
This deduction will also be dead until Protected content . In Protected content amount to deduct will be 15% with a limit of 591€
Limit of the sum of Health, Education, elderly-homes, bank amortization
All of them together will have a second limit, and it can’t be exceeded. From 0 to 7.410€ taxable salary, there’s no limit for deduction.
From 7.410€ to 66.045€ taxable salary, the maximum deductible value varies from 1.100€ to 1.250€.
From 66.045€ and above, no deductions allowed.
Expats / non residents
From UE will not have to nominate a fiscal representative (it was already decided by court of law, but now will be legislated)
Will have the possibility of (both) deduct expenses with their children.