The adjustment to the Income Tax table that expanded the exemption for those earning up to two minimum wages, that is, R$2,824, is still not valid for declarations made this year.
Sanctioned by President Luiz Inácio Lula da Silva (PT) during the May 1st holidaythe project that updates the exemption ceiling for reporting to the Federal Revenue will only come into force in 2025.
This year, however, the IRS made some changes to the rules for declaring income tax. The ceiling, which was frozen at R$1,903.98 since 2015, has risen to R$2,640 since 2023.
It also became mandatory to fill out the CPF of dependents living outside the country in the declaration.
This year’s IR also provides for the taxpayer to declare investments in cryptoactives, being necessary to inform the virtual currency code and the broker’s CNPJ.
Who should pay Income Tax in 2024?
Every year, the Federal Revenue Service publishes a Normative Instruction with the rules and procedures for submitting the income tax return. In 2024, anyone who, in the previous year:
- Received taxable income (salaries, retirement, rent…) above R$30,639.90;
- Received exempt, non-taxable or taxed income exclusively at source (FGTS, labor compensation, alimony…) above R$ 200 thousand;
- Had gross revenue from rural activity above R$ 153,199.50;
- It intends to compensate, in 2023 or in subsequent years, losses from rural activity that occurred in 2023 or in previous years;
- Had capital gains on the sale of goods or rights, subject to tax in any month of the year;
- Made sales, with or without tax, on stock, commodity, futures and similar exchanges, the total sum of which was over R$40 thousand;
- Carried out any sale on the stock exchange with a net gain in day trade operations;
- Carried out shares in common operations on the stock exchange with a net gain, whose total sales in any month of the previous year were above R$20 thousand;
- Had possession or ownership of assets with a total value of over R$800 thousand;
- He became a resident in Brazil;
- Chose to declare the assets, rights and obligations held by the controlled entity, directly or indirectly, abroad as if they were held directly by the individual;
- He became a resident in Brazil in any month and remained until December 31st;
- He owned the trust on December 31;
- Chose to declare the assets, rights and obligations held by the controlled entity, directly or indirectly, abroad as if they were held directly by the individual;
- It opted to update the market value of goods and rights abroad.
- Anyone listed as a dependent on someone else’s declaration must not make their own declaration, unless they have ceased to be a dependent over the previous year and meet one of the requirements listed above.
