Taxpayers enter the last week to fulfill a wide range of tax obligations with a direct impact on the calculation of IR, but also on the ICMS and IR classification. The deadline ends on March 2 and, until then, individuals and legal entities need to validate personal data, confirm invoices and send several electronic declarations to the Federal Revenue Service.
According to Executive Digest, a publication specializing in economics and management, the issue is the delivery of crucial information for calculating tax deductions and tax benefits relating to last year. Failure to comply may result in the loss of tax advantages and the imposition of fines.
Personal and household data weigh in on the calculation
One of the most sensitive steps is the consultation and eventual updating of the household on the Finance Portal. Even without apparent changes, confirmation is mandatory, as the registered elements influence tax brackets, deductions and access to benefits.
The information must be submitted exclusively electronically. Errors or omissions at this stage may be reflected in the tax assessment, changing the value of the refund or the amount to be paid.
Displaced Students and Income Require Communication
Taxpayers with student dependents who have their own income and wish to benefit from the tax exclusion provided for by law must send proof of school attendance by the end of the deadline.
Education expenses associated with educational establishments located in the interior or in autonomous regions also require specific communication. The same happens with rents paid by those who have transferred their permanent residence to inland territories, situations that allow access to additional tax benefits.
Long-term leases under supervision
Long-term rental contracts that entitle you to reduced IRS rates must also be communicated, including their duration or possible termination. The lack of communication prevents access to the benefit, in an area that has been subject to greater scrutiny by the tax administration.
Validated invoices make a difference
Verification of invoices in the e-Fatura system must be completed by March 2nd. Health, education, housing, household and general family expenses are at stake. Non-validation can significantly reduce tax deductions.
During this period, several entities still have to present model declarations, including those relating to education and health services, household expenses, donations, income paid to non-residents and social benefits. There are also obligations for debtors of income not included in the monthly remuneration statement.
In the field of VAT, taxpayers falling under the small retailers regime who have exceeded the legal purchasing limits must submit a declaration of changes. The same applies to those who reached a turnover equal to or greater than R$650 thousand.
Some statements may be submitted by the end of March, mainly by financial institutions and payment service providers. Still, according to her, the IRS recommends that communications be made in advance to avoid technical constraints and possible penalties.
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