IRS Retention Tables

Update 2010
For information, please find enclosed the Order No. 8603-A / 2010 of 20 May, published in the Official Gazette no 98 – Series II, which publishes the IRS Withholding Tables for 2010 – Mainland and that, according to paragraph 6 of that Order , shall take effect on the day following its publication. The Office of State and Finance Minister issued a clarification that states: “The IRS withholding tables approved by Order of the Minister of State and Finance published in the Journal yesterday Republic shall comply with the provisions of paragraph 5 Article 2 of Decree-Law No. 42/91, of 22 January (system of deductions at source IRS) and embody, as is the case every year after the approval of the state budget, an update Annual amounts required to be legally retained by the debtor entities from employment income and pensions. The approval and publication of the order, with some anticipation of the start of June, aims to enable the timely knowledge present value of such retentions, avoiding constraints arising from the need to adapt the bodies of income processing systems on which the law must clearly be retention obligation. The table must therefore be considered applicable at the IRS clearance to be withheld from income that may be paid or made available to cardholders as of June 1, as the Minister of State and Finance had already clarified.

 

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