Due to the increase in the minimum wage that will take place next year, many people will pay a higher amount of Income tax. In view of this, the government will try to correct the 2023 IRPF table.
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The proposal came from the Federal Senate, in view of the update of the minimum wage from R$ 1,212 to R$ 1,294 scheduled for next year. The new floor only goes into effect on January 1st, and until then it can change, as it depends on inflation, and can still be changed due to the presidential elections.
If the salary is at the amount provided by the government, people who earn a minimum wage and a half will have to declare the Income Tax, and this group is currently exempt. This change would increase tax collection, causing some inconvenience for lower-income workers.
But the Senate is not interested in that happening, so it is creating a series of proposals to correct the Income Tax table, which has not been updated since 2015. The proposals also provide for an increase in the exemption range, which today stands at R$ 1,903.98.
One of the projects on the subject was created by Senator Veneziano Vital do Rêgo, which provides for a progressive correction in the table, based on inflation, as well as the minimum wage. The proposal is under analysis by the Economic Affairs Committee. Another proposal on the same topic regulates the annual readjustment of the table.
What remains is to wait to see what decision will be taken by the higher powers.
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