Who must file income tax returns in Brazil in 2024?

The IRPF is an important tax obligation for many Brazilians, and understanding who must file an income tax returns in Brazil in 2024 is key to avoiding complications with the Receita Federal.

The period for submitting the annual IRPF (Individual Income Tax) return runs until May 31st.

Federal Revenue Service expects to receive 43 million returns this year.

Those who fail to submit their tax return by the deadline may face a minimum fine of R$165.74. This amount can reach up to 20% of the amount of income tax due.

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Check out who must file an income tax returns in Brazil in 2024

  • Taxable Income: People who received taxable income above R$30,639.90 in 2023, due to the expansion of the exemption band since May of the previous year;
  • Exempt and Non-Taxable Income: Last year, taxpayers whose sum of exempt, non-taxable or exclusively taxed income at source was more than R$200,000;
  • Capital Gains and Stock Exchange Transactions: Individuals who obtained capital gains on the sale of goods or rights, or carried out transactions on stock, commodities, futures and similar exchanges, the sum of which exceeded R$40,000 in 2023;
  • Tax Exemption on the Sale of Real Estate: Those who have been exempt from capital gains tax on the sale of residential real estate. This must be followed by the purchase of another residential property within 180 days;
  • Gross Revenue from Rural Activity: Those who had gross revenue of more than R$153,199.50 from rural activity in 2023;
  • Possession or Ownership of Assets and Rights: Individuals who had, by December 31, 2023, possession or ownership of assets or rights, including bare land, with a total value of more than R$ 800 thousand;
  • Condition of Resident in Brazil: People who became resident in Brazil in any month and were in this condition until December 31, 2023;
  • Declaration of Assets Abroad: Taxpayers who choose to declare the assets, rights and obligations held by the controlled entity, directly or indirectly, abroad as if they were held directly by the individual;
  • Has a Trust Abroad;
  • Wishes to update assets abroad.

Do you have any questions or need help submitting your IRPF 2024 tax return in Brazil? Get in touch with us via the available chat or email info@drummondadvisors.com.

Written by Marcos Ferreira, Content Analyst at Drummond Advisors

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