S.L. 123.204 Art. 3Tax exemption. 

Pension income derived by an individual on or after 1

January 2022 shall be partially or fully exempt from tax as follows:

Applicability of the exemption Amount exempt

Pension income derived in Twenty per cent (20%), the year immediately preceding thebut not exceeding two year of assessment 2023 thousand, eight hundred and sixty-four euro (€2,864) Pension income derived in Forty per cent (40%), the year immediately preceding thebut not exceeding five year of assessment 2024 thousand, nine hundred and eighty-seven euro (€5,987) Pension income derived in Sixty per cent (60%), the year immediately preceding thebut not exceeding nine year of assessment 2025 thousand, seven hundred and thirty-two euro (€9,732) Pension income derived in Eighty per cent (80%), the year immediately preceding thebut not exceeding thirteen year of assessment 2026 thousand, three hundred and nine euro (€13,309); Pension income derived in One hundred per cent the year immediately preceding the(100%), but not exceeding year of assessment 2027 and inthirty-seven thousand, one subsequent years hundred and four euro (€37,104)