The day of “tax exemption” refers to the time it takes each year for a person to pay their taxes in full for the year, meaning that the remaining income can be considered to be “tax-free”.
The data was released by the Molinari Economic Institute in France, with calculations by the consultancy firm EY, and was first reported by Jornal de Notícias. The basis is the average salary of a single worker without children, calculating taxes such as personal income tax and VAT from the tax regime applicable in 2024.
France is the country that will be exempt from taxes the latest, on July 17, which means it has the highest tax burden in Europe. On the other hand, Cyprus is the country that stands out, exempting itself from taxes on April 21, followed by the United Kingdom and Malta (on May 1 and 2, respectively).
In the last year, Portugal has once again performed worse than the European Union average and was one of the 13 countries that recorded a one-day increase on the day of exemption.