Income Tax Refund 2022 has already started to be paid, be aware of the dates

Federal Revenue Service opened consultations on the residual batch of Income Tax refunds, which has started to be paid on March 31.  In this batch, there were 94,864 taxpayers, among priority and non-priority ones, totaling a disbursement of BRL 300 million.

Calendar of Income Tax Refund 2022

• 1^st batch of refund – paid on May 31
• 2^nd batch of refund – paid on June 30
• 3^rd batch of refund – paid on July 29
• 4^th batch of refund – paid on August 31
• 5^th batch of refund – paid on September 30
• 1^st residual batch of refund – paid on October 31
• 2^nd residual batch of refund – paid on November 30
• 3^rd residual batch of refund – paid on December 29
• 4^th residual batch of refund – paid on January 31
• 5^th residual batch of refund – paid on February 28
• 6^th residual batch of refund – consultation released on March 24 and payment on March 31.

How to consult refund

In order to consult Income Tax Refund, only access the website Meu Imposto de Renda [My Income Tax] (https://www.gov.br/receitafederal/pt-br/assuntos/meu-imposto-de-renda) and click on “Consultar a Restituição” [Consult Refund]. It is possible to make a simple consultation by informing the CPF [Individual Taxpayer Number], year of declaration (2022) and date of birth.

Who should declare tax income as an individual [IRPF] in Brazil?

According to the Federal Revenue, tax income must be declared by:

• Citizen residing in Brazil who received taxable income above BRL 28,559.70 in the year, or around BRL 2,380 per month, including wages, retirements, pensions and rents;
• Who received free and non-taxable income or withholding tax above BRL 40,000; and who obtained, in any given month, a capital gain in disposal of assets or rights subject to taxation.
• Who had, on December 31, possession or ownership of goods or rights, including undeveloped land, with a total value greater than BRL 300,000.
• With regard to those who traded on stock exchanges, future and commodities exchanges, and similar ones. Only those, in the calendar year, who made sum of sales, including tax-exempt ones, superior to BRL 40,000, and operations subject to taxation, are obligated.
• With regard to rural activity, the citizen that obtained gross revenue in excess of BRL 142,798.50 must also declare; the one who intends to offset, in calendar year 2022 or later, losses from previous calendar years or from calendar year 2022 itself.

Were you in doubt about any subject or did you not declare your income tax in previous years? Contact us at our chat or by email info@drummondadvisors.com!

Written by Marcos Ferreira, Content Assistant to Drummond Advisors