13.7 Million Brazilians Will Stop Paying Income Tax (IR) With New Rules Starting May 1st, Labor Day

Written by Roberta Souza

Published on 22/02/2023 at 17:31

Updated on 22/02/2023 at 18:43

Foto: Reprodução pinterest

Seja o primeiro a reagir!

This Measure Will Help People With An Income Below, As Those Earning Up To Two Minimum Wages Will Not Have To Pay The Tax

Starting from May 1st (Labor Day), according to the Federal Revenue, about 13.7 million individual taxpayers will stop paying Income Tax due to the new table correction rules, meaning that individuals earning up to two minimum wages (R$ 2,640) will be exempt from the tax, according to the Broadcast website.

The percentage of people who will be exempt from paying income tax corresponds to about 40% of the total 32 million Income Tax returns received last year by the Federal Revenue.

The team of Finance Minister Fernando Haddad designed a model that reduces the impact of the measure on public accounts with the goal of meeting President Lula’s directive.

ARTICLE CONTINUES BELOW

Loss Or Salvation?

With this new income tax measure, the revenue loss will be R$ 3.2 billion in 2023, from May to December, and R$ 6 billion in 2024, according to data from the Federal Revenue. These figures contrast with forecasts from the National Union of Revenue Auditors, which projects a revenue decrease of R$ 14 billion this year.

At the beginning of the year, Minister Haddad stated that there would be no correction to the income tax table in 2023, expressing his desire for the changes to occur only in 2024.

However, faced with political pressure due to the negative reaction from income taxpayers, the elected president decided to start the change to the IR table this year.

New Income Tax Table Will Favor People With Lower Incomes

According to data from the Federal Revenue, the simplified deduction of R$ 528 will ensure that individuals earning up to R$ 2,640.00 monthly remain exempt from paying income tax.

In a statement, the agency says: “This operationalization serves to ensure that Brazilians feel the benefits immediately in their pockets”.

There will be no withholding at source for this income range, so individuals earning up to this range will have to wait for the declaration in the following year to request the refund of what was withheld.

13.7 Million Brazilians Will Stop Paying Income Tax (IR) With New Rules Starting May 1st, Labor Day

This Measure Will Help People With An Income Below, As Those Earning Up To Two Minimum Wages Will Not Have To Pay The Tax

Loss Or Salvation?

New Income Tax Table Will Favor People With Lower Incomes

Family without running water in the interior of Ceará takes out a loan to drill an artesian well and discovers possible oil, but cannot use it, cannot sell it, and is left with a debt of R$ 15,000.

Is a smart plug worth it in a regular home? What does it offer: turns on and off via smartphone, creates routines by schedule, prevents forgotten devices, sometimes monitors consumption, and improves habits without renovation or miracles.

Geographers redefine the Brazilian relief and confirm the presence of mountains in 14 states with a new system that changes historical criteria and alters the way the territory is classified.

There is a city in China right next to Hong Kong where people speak Portuguese, the streets have names in Portuguese, and the architecture looks like it came straight out of a historic city in Brazil.

Archaeologists find a colossal 2,000-year-old vessel at the bottom of the sea near Alexandria linked to the elite of Egypt and reveal a pleasure barge from the last dynasty of the pharaohs that the sea has hidden for centuries.

Mongol ship sunk 745 years ago emerges in excavations with sword, arrows, and relics from the 1281 invasion of Japan, destroyed by the first “kamikaze” in history.

The population receives free public transportation after the surge in fuel prices, and the government reacts to the energy crisis affecting the entire country in 2026 in Pakistan.

An abandoned villa for over 80 years with underground mines, a 130-meter zip line, historical ruins, and challenging trails makes Cwmorthin, in Wales, an unusual destination.

Japan builds a 3D-printed train station overnight, between the last train and the first of the morning.

This wind turbine fits in a water bottle, weighs only 1.4 kilograms, charges cell phones and laptops with any breeze above 13 kilometers per hour, and works day or night, in rain or shine.

13.7 Million Brazilians Will Stop Paying Income Tax (IR) With New Rules Starting May 1st, Labor Day

This Measure Will Help People With An Income Below, As Those Earning Up To Two Minimum Wages Will Not Have To Pay The Tax

Loss Or Salvation?

New Income Tax Table Will Favor People With Lower Incomes

Family without running water in the interior of Ceará takes out a loan to drill an artesian well and discovers possible oil, but cannot use it, cannot sell it, and is left with a debt of R$ 15,000.

Is a smart plug worth it in a regular home? What does it offer: turns on and off via smartphone, creates routines by schedule, prevents forgotten devices, sometimes monitors consumption, and improves habits without renovation or miracles.

Geographers redefine the Brazilian relief and confirm the presence of mountains in 14 states with a new system that changes historical criteria and alters the way the territory is classified.

There is a city in China right next to Hong Kong where people speak Portuguese, the streets have names in Portuguese, and the architecture looks like it came straight out of a historic city in Brazil.

Archaeologists find a colossal 2,000-year-old vessel at the bottom of the sea near Alexandria linked to the elite of Egypt and reveal a pleasure barge from the last dynasty of the pharaohs that the sea has hidden for centuries.

Mongol ship sunk 745 years ago emerges in excavations with sword, arrows, and relics from the 1281 invasion of Japan, destroyed by the first “kamikaze” in history.

All truck drivers and bus drivers must take the tests to obtain a commercial driver’s license in English.

Buying a car may suspend Bolsa Família in 2026 and trigger automatic government oversight.

Chile reaches 4,088 electric buses and puts 62% of the fleet in zero emissions; Santiago already has the largest fleet of e-buses outside of China, with a decrease in PM2.5, less noise, and 60 million liters of diesel saved.

Coca-Cola with less water: groundbreaking technology comes to life with the help of BNDES with an investment of R$ 102 million in a factory that promises to reduce water usage by 10%, energy consumption by 15%, and costs by 35.5%.

The president of Colombia defended Brazil’s Pix, publicly requested that the system be brought to his country, and criticized the United States for using financial sanctions as a tool for political control in the world.

The population receives free public transportation after the surge in fuel prices, and the government reacts to the energy crisis affecting the entire country in 2026 in Pakistan.

An abandoned villa for over 80 years with underground mines, a 130-meter zip line, historical ruins, and challenging trails makes Cwmorthin, in Wales, an unusual destination.

Japan builds a 3D-printed train station overnight, between the last train and the first of the morning.

This wind turbine fits in a water bottle, weighs only 1.4 kilograms, charges cell phones and laptops with any breeze above 13 kilometers per hour, and works day or night, in rain or shine.