Income tax will be increased for the year 2024 to match the level of inflation. Each stage will increase. Obviously, this change will affect most taxpayers.
New Scale Index of Inflation
Already in September 2023, Economy Minister Bruno Le Maire announced that the income tax scale will be indexed based on inflation. This announcement has now been implemented by the 2024 Finance Act.
he said, A scale revaluation of 4.8% is planned. Faced with this revaluation, there will be more than 300,000 French people who became taxable even though they were not affected in 2023. For the state, this is a strategy to support public finances.
Here is the applicable tax rate on income declared during the year 2023 by brackets:
- Up to 11,294 euros: 0%
- 11,295 to 28,797: 11%
- 28,798 to 82,341 euros: 30%
- 82,342 to 177,106 euros: 41%
- More than 177,106 euros: 45%
Income Tax Calculation Method
To find the amount, you must follow some steps:
- First, the net taxable income must be divided by the number of shares in the family unit.
- Thereafter, it will be necessary to apply the progressive scale corresponding to the financial year. After that, the result should be multiplied by the number of shares of the family part.
- The resulting figure shows the amount owed by the taxpayer.
Different scenarios
Revaluation of income tax scales has consequences for taxpayers, depending on individual circumstances. Regarding the income received to be not taxable, it must be A maximum of 11,294 euros per year for an individual compared to 22,588 euros for a couple.
While the worker’s salary remains constant between 2023 and 2024, The amount to be paid is less Compared to last year.
Indeed, a substantial portion of the income will be taxed in the lowest bracket. To get its benefit, the property and family situation should not have changed during this period.
While the salary has decreased between 2023 and 2024, the remaining amount is less than in 2023. On the other hand, when remuneration has increased at the same level as inflation, i.e. approx 4.8%The amount is relatively the same as in 2023.
When should you pay tax in 2024?
Income declarations should be available on the website from April 13, 2024 “ impots.gouv.fr», for the time frame they vary as follows: The paper declaration has to be sent between April 6 and 25,You must remember to return it after May 22, 2024.
For online filing, it is planned:
- For sections 1 to 19 till 25 May,
- By June 1 for sections between 20 to 54
- 55 to 976 for June 8.
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