Those who leave it to the last minute may not be able to pay the IR, says expert

About 6 million Brazilians have until the end of next Wednesday (31) to deliver their income tax returns.

The volume is within expectations for the period, but may result in delays and fines for taxpayers who fail to deliver the declaration within the deadline.

“There have already been reports of traffic jams on the Federal Revenue website, so not leaving it to the last minute is super important, mainly because some taxpayers have income tax to pay”, recommended EY tax partner Antonio Gil, in an interview with CNN Rádio . “Leaving it for Wednesday, at the end of the day, can lead to a lack of time to settle the income tax payable.”

Antonio Gil said that he sees an increase in the number of taxpayers in 2023, even with a series of exemptions applied this year, such as those for investors on the Stock Exchange with sales of less than R$40,000. The EY partner estimates that the new exemptions may have benefited up to 1 million taxpayers.

“I also observe an increase in relation to investments”, said Antonio Gil. “Brazilians are investing more in variable income, seeking new alternative sources.”

Another profile that grew was that of self-employed workers. “A lot of people with jobs without a formal contract, but who already have data crossing and are making the declaration for the first time.”

Those who do not send the settlement of accounts within the deadline may have to pay a fine of up to 20% of the Income Tax amount.

Antonio Gil’s recommendation to avoid penalties is to deliver the declaration even if incomplete, and then make the necessary adjustments. “You should, until the 31st, choose the best model for you – the simplified or complete one – because you can even rectify it in June, but you can no longer choose the model”, he guides.

Those who received more than R$ 28,000 last year, or those who received about R$ 2,000 per month during the year must submit the statement. These amounts refer to wages, retirement benefits, pensions and rents.

The Federal Revenue reported that it has already received more than 32 million statements and expects that number to reach around 38 million by the end of the term.

Source: CNN Brasil

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