It is now official: March 15 is the deadline for submitting Income Tax returns for 2023. The Federal Revenue announced the date and the calendar will open later than in recent years, for example, in 2022, it started on the 7th of March.
The explanation was that there was a technical issue. Thus, the new date will ensure that people already have access to the pre-filled statement right at the beginning of the statement submission period.
With the streamlined version of filling, it avoids errors in the process. But don’t forget, the deadline for submission of statements is May 31.
As for the details of the rules for filing the Income Tax this year, it is something that should be disclosed by the government on February 27th. sregarding the greater exemption, does not change in the declaration.
What we will see in this article:
Who is exempt from Income Tax?
Those who earn up to two minimum wages (R$ 2,640 as of May) do not need to pay Income Tax. However, this is only valid from May onwards, and even the population within that period will not have discounts on their paychecks.
In general, the table remains the current one. By the rules, at the moment, you must declare who:
- Received more than R$ 28,559.70 in taxable income in the year (salary, retirement or rent, for example);
- Earned more than BRL 40,000 exempt, non-taxable or taxed at source in the year (such as labor compensation or savings income);
- Sold a property and bought another within 180 days;
- He owned assets worth more than R$300,000;
- Gained from the sale of goods (house, for example);
- Bought or sold shares on the Stock Exchange;
- He moved to Brazil in any month of 2021 and stayed here until December 31;
- Received more than BRL 142,798.50 in rural activities or have rural losses to be compensated in the calendar year 2021 or in the coming years.
Which investments are exempt from income tax?
Many fixed and variable income investments are taxable, such as Treasury Direct public bonds and Bank Deposit Certificates (CDBs). But there are free alternatives.
1. Savings
Normally, savings need no introduction. It is the most popular application in Brazil — the most sought following product to leave money left over at the end of the month or to allocate an emergency reserve and an amount for short-term goals.
One of the reasons why savings accounts are popular among Brazilians is precisely the fact that they are one of the income tax-free investments. In fact, there is no IR charge on income from the booklet.
However, it is worth highlighting the importance of knowing other investment options. This is because saving has major disadvantages in relation to its profitability.
In a context of low interest rates, as we are living in Brazil, her earnings tend to lose value due to inflation. Thus, those who leave their money there may actually be making a loss.
2. Real Estate Credit Letters
An interesting alternative to savings, with the same advantage of exemption from IR, are the LCIs. They are bonds issued by private banks that aim to attract credit to finance activities in the real estate sector.
That is, banks use the money obtained from investors to carry out lending or financing operations to builders and other companies in the real estate sector.
As it is a matter of investing in a field considered a priority for the Brazilian economy, LCIs have the benefit of being income tax-exempt investments.
Those who invest in letters of credit are basically lending their money to the bank. You choose an application with a certain return, maturity and minimum investment. Then, on the agreed date, you will receive the money back plus interest.
3. Agribusiness Letters of Credit
LCAs are bonds very similar to LCIs. They also work like a bank loan and follow the same logic as choosing a security with a certain yield rate, maturity date and minimum investment amount.
The difference between the two is only in the direction that banks give to the money obtained from investors. In this case, the credit is used to finance activities related to Brazilian agribusiness.
Once once more, he refers to a sector considered a priority for the country. Therefore, it is also one of the investments exempt from Income Tax — as a way to encourage obtaining credit for agricultural production.
Another valid piece of information regarding LCI and LCA is that both are covered by the Fundo Garantidor de Crédito (FGC). It greatly reduces investment risks, as it guarantees investor payment even if the banking institution goes bankrupt up to a certain limit.
4. Real Estate Receivables Certificates
The next income tax-free investment on our list is the CRI. It is a title issued by securitization companies and is backed by real estate.
Similar to the alternatives we’ve presented so far, CRIs have a certain maturity date—when payment must be made to the investor.
The risk of this investment is slightly higher, as it is not covered by the FGC. So, before investing, it is important to pay attention to the rating of the security issuer, in order to assess the credit risk.
Still, another relevant difference in relation to CRIs is that they are not available to all investors. In order to invest in securities, you must be a qualified investor. That is, having an equity of more than R$ 1 million invested or being a certified professional in the financial market.
See more investments that are exempt from Income Tax here.
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