Calendário de Restituição do IR 2023: Fique Atento!

Thousands of Brazilians can expect to receive a refund of their income tax in 2023. Usually paid in batches, the refunds will begin on May 31. The amount to be refunded is the excess paid to the Federal Revenue during the calendar year. It is important to keep track of your income tax to ensure you do not miss out on your refund.

Each taxpayer can access their refund through the bank account listed on their income tax declaration. However, not everyone is entitled to a refund. More details are provided below.

The refund process involves the return of the additional taxes paid by the individual. The amount is calculated based on the deductible expenses declared. Such expenses can be subtracted from the tax amount imposed by the government and may include education expenses, healthcare costs, private pensions, and dependents, among others.

As such, the amount of the refund can vary depending on the declared expenses.

As previously mentioned, not everyone is entitled to a refund. The criteria for eligibility include taxpayers who have declared several of these deductible costs for the tax year, individuals who had taxes withheld at-source, and those whose contribution exceeded the estimated amount.

Each year, the values are released in batches. The batches are divided into five. The first will be deposited from May 31, with the last batch available at the end of September. The exact dates are as follows:

– 1st batch: May 31;
– 2nd batch: June 30;
– 3rd batch: July 30;
– 4th batch: August 31;
– 5th batch: September 29.

It is worth noting that this payment schedule does not include residual batches, which are paid to individuals who have fallen into the tax audit’s crosshairs, due to inconsistencies in their income tax declaration, but later resolved the issues.

Another point to consider is that the payment occurs through a priority queue. Thus, Brazilian citizens who are elderly, have a physical and/or mental disability, and those with income primarily attributed to teaching positions, will receive the funds first.

New Form of Payment for Income Tax Refunds

This year, the news is that income tax refunds can be received through PIX, an instant payment system processed by the Central Bank of Brazil. The option is available for those who choose to use the pre-filled tax declaration function. Furthermore, those who submit their declarations at the start of the submission period will receive their refund payments earlier.

To find out if you are entitled to a refund, it is essential to keep up to date with the Federal Revenue’s website. The release date can also be accessed via the app. If, for some reason, the refund is not paid, it is possible to redeem it within one year directly from the Bank of Brazil.

The Income Tax Refund Claim Process

To submit a claim for an income tax refund, you must first access the Federal Revenue’s website or the app where the refund amount will be displayed. If the refund has been approved, the taxpayer may receive the refund according to the payment schedule outlined above or choose to receive through PIX.

If, for some reason, the refund has not been released, the taxpayer can wait one year or go to a Banco do Brasil branch to resolve the issue. It is important to provide evidence of why the refund has not been paid.

Tips to Increase Your Income Tax Refunds

1. Regularly check the Federal Revenue’s website to see if there are any deductions you are eligible for;
2. Declare all the deductions you are entitled to, such as healthcare expenses and support payments for dependents;
3. Keep all paperwork up-to-date and accurately track your deductible expenses;
4. If buying a new home, keep receipts of all related expenses, such as purchase, building, furniture, and moving expenses;
5. Consider hiring a tax professional and let them prepare your income tax declaration to ensure all deductions are claimed correctly.

Conclusion

Claiming income tax refunds requires detailed attention to the claims process, deadlines, and eligibility criteria. Keeping up-to-date with the Federal Revenue’s website and app can help you avoid missing out on your refund. As a taxpayer, make the most of all the deductions you are eligible for to increase your chances of receiving a maximum refund.