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Taxpayers begin receiving IRS refunds today

TAXPAYERS BEGIN RECEIVING IRS REFUNDS TODAYThe Ministry of Finance reported today that IRS refunds will begin to reach taxpayers today, five working days after the start of delivery of the 2021 income statements.

In a statement, the Ministry said that the Tax and Customs Authority (AT) processed the first IRS refunds, which will arrive from today in taxpayers’ accounts, stressing that the campaign is running smoothly and without constraints.

“As of today, the processing of refunds is at cruising speed, taking about three working days between the processing of the refund order (after settlement of the declaration) and the entry into the taxpayer’s bank account”, the Ministry of Finance says. 

As of 18:00 on Thursday 7th April 2022, more than 1.3 million tax returns had been submitted by taxpayers. Of these, 48% were submitted through the automatic IRS.

The delivery of the annual declaration of income obtained in 2021 started on April 1st and ends on June 30th.

Speaking to Lusa news agency before the start of the IRS campaign, the Secretary of State for Tax Affairs, António Mendonça Mendes, said that this year, for the first time, the IRS settlement note will add the effective tax rate paid by the taxpayer to the information already available (income value, deductions, withholding or discount provided by the municipality, for example). The objective is, said Mendonça Mendes, to show each taxpayer how much he actually pays in tax.