Daniel Viaña Madrid

Madrid

Updated Tuesday, February 6, 2024-13:44

The Government has announced a reduction in personal income tax that will benefit 5.2 million taxpayers, who will obtain savings of 1,385 million euros. As explained by the first vice president and Minister of Finance, María Jesús Montero, the reduction has two parts. The first involves raising the

exempt minimum to "15,876 euros, the equivalent of the annual SMI

. "

That is, this reduction is the one that accompanies the increase in the Minimum Interprofessional Wage, and will prevent workers who benefit from this increase from having to pay more taxes.

And, on the other hand, a tax reduction of up to 20,000 euros

is applied

. The way to do this will be through a modification of the Personal Income Tax regulations, so that the measure will have immediate effects and there will be no need to wait for its approval until the General State Budgets (PGE) are approved.