Who is required to declare Income Tax in 2024? The laws have CHANGED!

Are you required to declare Income Tax in 2024? We show you all the updated IRS rules, keep an eye out!

As the 2024 fiscal year advances, the important issue of Personal Income Tax (DIRPF) arises. With laws constantly evolving, understanding who is required to declare is crucial to avoid complications with the Brazilian Federal Revenue Service.

So, who should declare Income Tax in 2024? And, even more important: what are the new IRS rules? Just check out our guide to find out the answer!

See if you are required to declare Income Tax in 2024! Credit: plasticaxe.

Understand the role of the Federal Revenue in Brazil

The Federal Revenue of Brazil plays a crucial role in the administration of the country’s federal taxes. As guardian of national finances, its main responsibility is the collection of taxes, social contributions and other tributes destined for the National Treasury.

One of the fundamental aspects of the Federal Revenue's activities is supervision. The institution works tirelessly to ensure that individuals and companies comply with their tax obligations.

Furthermore, it combats tax evasion, tax evasion and other illegal practices that harm the country’s economy.

Who is required to declare Income Tax in 2024?

The obligation to declare the IRPF in 2024 applies to citizens residing in Brazil who, during the calendar year 2023, fall into any of the following categories:

Taxable income above the limit: They received taxable income that exceeds the limit established by the Federal Revenue.Gross income in rural activity: They obtained gross annual income in an amount higher than the limit in rural activity.Possession of goods or rights: They had, on December 31st of calendar year, assets or rights, including bare land, above the limit. Capital gain and operations on the Stock Exchange: Obtained capital gain on the sale of assets or rights or carried out operations on stock, commodity, futures and similar exchanges. Moving to Brazil: They became resident in Brazil in any month of the year and maintained this status on December 31st.

Who should not declare Income Tax in 2024?

There are situations in which you are not required to declare income tax, such as:

Do not fit into the situations above. Appear as a dependent on another IR declaration. Have all assets and rights informed by your spouse or partner.

Who can be claimed as a dependent?

Another important question for Brazilians is the following: who can be considered dependent on IR? In the income tax declaration, the following groups may be listed as dependents:

Spouses or partners.Children or stepchildren up to 21 years of age, or 24 years of age if students in higher education or technical school.Siblings, grandchildren or great-grandchildren, as long as they have legal custody and they are not supported by their parents.Parents, grandparents and great-grandparents with income up to the exemption limit. Poor minors up to 21 years old who the taxpayer raises and educates. Absolutely incapable people, of whom the taxpayer is a guardian or curator.

Attention! Spouses, partners and dependents can choose to file income taxes together. In this case, all assets, rights and income are reported in a single declaration.

Who are Brazil’s tax residents?

Tax residents in Brazil are considered to be those who:

Reside in Brazil permanently. Brazilians who returned to the country with the intention of settling permanently. They left the country to work in an agency or department of the Brazilian government abroad. They entered Brazil with a permanent visa.

Until when to submit IR 2024?

The deadline for delivering the DIRPF in 2024 begins on March 15th and ends on May 31st, following the dates established in 2023. This deadline was extended due to the COVID-19 pandemic and remained the same in subsequent years.

If you have any doubts, it is recommended that you contact an accounting professional or the Brazilian Federal Revenue Office. Stay up to date and avoid unwanted surprises with the lion!

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