Income tax 2024: exemption, payment dates and new rules

Income tax 2024: exemption, payment dates and new rules

From March 15 to May 31, Brazilian taxpayers will be in the race to file the 2024 Personal Income Tax Return (DIRPF), whose base year is 2023. The submission period is two and a half months, and delay could result in a fine.

What is income tax?

Income tax 2024: exemption, payment dates and new rules

Income tax is a tax imposed annually, applied to the income of every Brazilian, that is, it follows the development of assets year after year. Its main purpose is to ensure financial support for the federal government.

Advertising rules

This year, taxpayers who earned taxable income exceeding the monthly minimum wage in 2023, with an annual total of R$28,559.70, are required to declare income tax. On February 6, the federal government issued a temporary measure exempting those earning up to the minimum wage (R$2,824) from income tax. It is estimated that 15.8 million Brazilians will benefit from this exemption.

Pre-filled ad

The vast majority of taxpayers choose to file a pre-filled return. This method simplifies the process, presenting a series of information that has already been filled in, such as real income, deductions, assets, rights, debts, and liens. Furthermore, when using a pre-filled return, taxpayers have priority during the IR refund receipt process.

To submit this announcement, you must have a account with a silver or gold level.

Exemption from income tax

In his presidential campaign, Luiz Inacio Lula da Silva (Workers' Party) promised that by 2026, the end of his third term, the scope of the exemption would reach a value of R$5,000. It is always important to pay attention to updates to income tax rules to avoid federal revenue issues or violations.

See also  Should Brazilian companies also adopt a 4-day working week?

When declaring income tax, it is essential to stay up to date on news and changes, ensuring the validity of your declaration and avoiding potential issues with federal revenue.

You May Also Like

About the Author: Camelia Kirk

"Friendly zombie guru. Avid pop culture scholar. Freelance travel geek. Wannabe troublemaker. Coffee specialist."

Leave a Reply

Your email address will not be published. Required fields are marked *