The secretary of the Brazilian Federal Revenue,
José Tostes Neto, announced on Wednesday (1st) the extension of the deadline for submission of the Brazilian Income Tax Return (DIRPF) for 60 days.
The decision comes because of the coronavirus crisis (COVID-19). As a result, the deadline for submitting the 2020 Income Tax Return goes from April 30th to June 30th.
The Federal Revenue still evaluates whether the term of the first group of tax refund, initially scheduled to be paid in May 30, will be maintained.
We highlight that the Income Tax Return 2020 is mandatory for anyone who in 2019:
- received taxable income, subject to adjustment in the declaration, whose annual sum was greater than BRL 28,559.70;
- received exempt, non-taxable or exclusively taxed income, the sum of which was more than BRL 40,000.00.
- obtained, in any month, a capital gain on the sale of assets or rights, subject to the levy of the tax, or carried out transactions on stock exchanges, commodities, futures and the like.
- opted for exemption from income tax on capital gains earned on the sale of residential properties, the proceeds of which are intended for use in the acquisition of residential properties located in the country, within 180 (one hundred and eighty) days, from the conclusion of the sales contract.
- for rural activity: a) obtained annual gross revenue in an amount greater than BRL 142,798.50;
b) intends to offset, in the calendar year 2019 or
later, losses from previous calendar years or the
calendar year 2019 itself.
- had possession or ownership, on December 31, 2019, of assets or rights, including bare land, with a total value exceeding BRL 300,000.00.
- became a resident in Brazil in any month and was in that condition on December 31, 2019.
Considering the urgency of more information regarding the impacts caused by the coronavirus (COVID-19) on tax obligations, RSM Brazil is available to help resolve any doubts for the adoption of best practices, duly based on current legislation.