Maria Inês Assis and Joana Monteiro de Oliveira explain what specific deductions are
Maria Inês Assis, partner at Abreu Advogados, and Joana Monteiro de Oliveira, senior associate lawyer, explain in a statement to ECO that it is possible to reduce personal income tax (IRS) through specific deductions.
“Specific deductions are amounts that are subtracted from the taxpayer’s gross income and, as such, reduce the taxable income — meaning the amount on which the tax is levied is lower. They are called ‘specific’ because these deductions vary depending on the category of income in question,” they clarify.
These deductions therefore result in either less tax payable or a higher refund.
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