Income Tax deadline is May 31, 2023

The Income Tax deadline is a matter of concern for many Brazilians, which is why we are here to announce that the deadline is approaching.

Everyone who needs to declare income and assets to the Federal Revenue Service will be able to make the declaration until the day May 31, 2023.

Do you want to know more details about the Income Tax deadline and how the declaration process works? So follow our article until the end and stay up to date!

What is Income Tax?

O Income tax it is a federal tax which affects the income and earnings of Brazilian taxpayers and those residing in the country, as well as income from sources abroad.

The main objective of collecting income tax is to raise resources for the federal government.

Generally, the amounts are used to finance public policies and investments in areas such as health, education, infrastructure, security, among others.

The amounts that must be paid in income tax are calculated based on the value total income of the taxpayer during the year, minus expenses and deductions permitted by law. 

Therefore, the amount of tax to be paid may vary according to the taxpayer's income range and the rates established by the Federal Revenue Service.

It is worth noting that this year's Income Tax deadline is May 31, that is, this month.

How to declare Income Tax?

To declare Income Tax in Brazil, you need to follow some steps:

1. Access the Federal Revenue website and download the Income Tax declaration generating program, which will be available from the beginning of the delivery period or click on the online form;
2. Gather all the documents and information necessary to complete the declaration, such as proof of income, expense receipts, dependent information, among others;
3. Open the declaration generator program and fill in the requested information in the corresponding fields;
4. Check that all information is correct and complete before submitting the declaration;
5. Send the declaration online, using the generator program. It is possible to do this through the program itself or through the Federal Revenue website;
6. Wait for the Federal Revenue to analyze it and, if necessary, rectify the declaration if any error or omission has been made.

It is important to remember that the declaration process may be more complex depending on the taxpayer's financial and tax situation, and that the Federal Revenue Service may require additional documents to prove the information declared. 

Therefore, it is always recommended to seek help from an accountant or specialized professional if you have any questions.

Income Tax deadline, who needs to declare it?

The Income Tax deadline is May 31, 2023, see below who are the citizens who need to make the declaration.

Not all taxpayers are required to declare Income Tax. In Brazil, those who fall into one or more of the following situations are required to submit a Personal Income Tax (IRPF) declaration:

• Received taxable income above R$ 28,559.70 in the previous calendar year, in this case, 2022;
• Received income that was exempt, non-taxable or taxed exclusively at source, the sum of which was greater than R$ 40,000.00;
• Obtained capital gain on the sale of goods or rights, subject to tax, or carried out operations on stock, commodity, futures or similar exchanges;
• Had possession or ownership, on December 31, 2022, of assets or rights, including bare land, with a total value exceeding R$ 300,000.00;
• He began residing in Brazil in any month of the previous calendar year and remained in the country until December 31st;
• He opted for exemption from income tax on capital gains obtained from the sale of residential properties, the proceeds of which were applied to the acquisition of residential properties located in the country, within 180 days from the conclusion of the sales contract.

It is important to remember that, even if the taxpayer is not obliged to declare Income Tax, he may choose to do so to refund amounts withheld at source or to prove income with financial institutions, for example.

Do you have questions about the Income Tax deadline? Leave it below in the comments!