The deadline for submitting the IRS tax declaration is approaching. Declarations of income for the year 2024 must be submitted by June 30, 2025, meaning there is less than a week remaining to do so.
“From April 1 to June 30, you must report to the Tax and Customs Authority the entirety of income earned in 2024, including salaries, pensions, rents, freelance income, or foreign income,” the Secretary-General of the Presidency of the Council of Ministers reminds.
It is noteworthy that “this year, there is an important aspect to consider,” as “throughout 2024, the tax rate was reduced twice, which means that adjustments will consider everything that transpired over the 12 months of 2024.”
If you have not yet submitted your IRS, consider these five key points:
1. What is new in 2025?
- Deduction of 5% for payment of domestic services, up to 200 euros (valid even for those using automatic IRS);
- Obligation to declare foreign bank accounts, such as those with Revolut Bank (in Annex J, include the International Bank Account Number – IBAN, and the Bank Identifier Code – BIC). This information must be included in box 11 of the annex;
- End of the obligation to declare exempt income or income subject to withholding taxes over 500 euros.
2. Confirm the IBAN
“Refunds, when applicable, are made by bank transfer. Confirm if your registered IBAN is up to date, otherwise, the amount will be sent by check to the fiscal address.”
3. Online submission, with or without assistance
“The declaration is submitted online only, through the Finance Portal. Those without digital access can schedule an appointment at a tax office, with employee support. In many cases, the automatic declaration simplifies the process: just confirm the pre-filled data.”
4. Who can use Automatic IRS?
“Pensioners, employees, or those with simplified activity can use this option, provided they do not have more complex tax situations. If something is incorrect, it is possible to amend the declaration within 30 days after the tax assessment, without any penalty.”
5. How is the payable or refundable amount calculated?
“The Tax Authority sums up the income and applies the corresponding rates. It then deducts the values from collection deductions: health expenses, education, rents, mortgage interest, among others. From the resulting amount, amounts already paid in monthly deductions are further subtracted. This determines if the taxpayer owes any amount or is entitled to a refund.”
The deadline for IRS submission runs until the end of this month.
Notícias ao Minuto | 08:11 – 17/06/2025
Remember that the declaration must be submitted online via the Finance Portal. In most cases, the declaration is pre-filled, and you only need to submit it after verifying the values.
