According to a recent announcement from Portugal's Secretary of State for Fiscal Affairs, the 3.5% surcharge on individual income will be reduced progressively for individuals with annual income of EUR 80,000 or less in 2016. The surcharge rates will be as follows:
- over EUR 7,000 up to 20,000 - 1.0%
- over EUR 20,000 up to 40,000 - 1.75%
- over EUR 40,000 up to 80,000 - 3.0%
- over EUR 80,000 - 3.5%
Currently, an exemption applies for individuals earning up to EUR 7,000. This exemption is expect…