IRS refunds already being processed

The Tax and Customs Authority (AT) has already started to process the first IRS refunds, which should reach the taxpayers’ account bymidweek, says the Secretary of State for Tax Affairs.

“The first reimbursement orders have already been given” and the respective amount will reach taxpayers “in the middle of the week”, said Secretary of State António Mendonça Mendes, who, before this IRS campaign, had already signaled the expectation that, this year, the tax refund could start earlier than in 2020 – when the process started on April 21st.

António Mendonça Mendes also said, as he had already mentioned in an interview with Eco, that at the end of this week the process of settlement of declarations and the processing of refunds will start at a more regular pace.

The deadline for submitting the annual income statement in 2020 started on April 1st and ends on June 30th, with around 3.5 million households able to benefit from the automatic IRS, which makes delivery more simple and quicker.

According to the data available on the Finance Portal today, 1,720,513 declarations had already been submitted.

Of this total, 1,400,517 correspond to people who only have to declare income from work for others (Category A) or pensions (Category H), and 319,996 of taxpayers who earned other types of income, such as self-employment (Category B or Category F), for example.

On the first day of submissions, more than 565,000 IRS declarations were submitted through the Finance Portal, this being the second consecutive year in which the amount exceeds half a million.

In accordance with the deadlines provided for by law, the IRS must be liquidated on July 31st, with the tax to be paid or returned (via refund) by August 31st.

Original article available in Portuguese at http://postal.pt/