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Delivery of IRS statements begins Thursday with some updates to complete. Families will receive a less thick check from the tax authorities than the previous year. Taxpayers with two or more children benefit from the 2020 accounts.
Taxpayers can begin filing their income tax return on April 1, and the checks are expected to arrive earlier than last year. In 2020, the IRS campaign began in the midst of a pandemic and with many Tax Authority workers telecommuting, still without a year’s experience of covid-19.
When filing, there are some new things to keep in mind and temporary changes that benefit very low-income taxpayers.
Faster bank account entry
Taxpayers who have money to receive from the IRS should receive a refund early this year, an official financial source confirmed to JN / Dinheiro Vivo. “It is expected that this year the IRS campaign will develop as in recent years and without the limitations that occurred last year due to the start of the pandemic outbreak that coincided with the start of the IRS campaign,” he said. Last year, the first refunds began to be made 21 days after the start of the extract delivery campaign. In previous years, the average was around 11 days. However, the value may be slightly lower, reflecting the adjustment of the parentheses, but also the fact that there are fewer invoices declared as already reported, specifically in education, in which there was a 48% drop, compared to 2019 .
The exempt universe has expanded
It was a proposal introduced in the State Budgets for this year, but with effects on the income declared in 2020 and should cover a universe of more than 20 thousand taxpayers. The PS proposal to increase the minimum stock by 100 euros was approved, allowing it to go from 9,215.01 euros per year to 9,315.01 euros, an amount up to which no tax is paid. It is a temporary measure, since for this year’s earnings the previous value returns, unless a new change is made.
First year discount
It is one of the novelties for young people between 18 and 26 years old, who have completed post-secondary studies or higher and who entered the labor market in 2020 and will file the IRS return for the first time. They are entitled to an IRS exemption to cover 30% of income in the first year, 20% in the second, and 10% in the third and last. The total amount of income cannot exceed 29,179 euros gross per year.
The deduction increases from the second
It is another of the novelties for large families this year. Each child over the age of three has a € 600 discount from the IRS. If you are up to three years old (until December 31), the reduction is 726 euros. But for families with two or more children, the discount of 726 euros becomes 900 euros for the second and subsequent children, as long as they are up to three years old, regardless of the age of the first.
Retirees now pay a 10% fee
Since last year, the IRS exemption for foreigners’ pensions earned in Portugal has ended and pensioners (non-habitual residents) pay a 10% fee. The rule does not apply to residents who have already benefited from this program or who have already enrolled. New affiliates will lose their double tax exemption and will be taxed at a rate of 10% on the pensions paid by their country of origin. The option must be chosen when filing the return during this year.
250 thousand more in automatic mode
As has happened in recent years, the automatic IRS reaches more taxpayers, covering about 250,000 people this year, including the self-employed. “We are talking about 3.6 million people who are beginning to constitute this potential universe,” António Mendonça Mendes revealed, in an interview with JN / Dinheiro Vivo / TSF. “Now we are extending to the green receipts that are in the simplified regime of the IRS and they pass the electronic receipts in the Finance Portal”, giving the example of lawyers and artists. Taxpayers who meet the criteria and accept the pre-compliance of the TA should receive the refund before the rest.
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