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Ian Guedes, Jan 25th, 2024
Personal Income Tax 2024
Taxpayers can choose the simplified or complete models to declare the 2024 IR and will have between March 15th and May 31st to submit the 2024 Personal Income Tax (IRPF) declaration, as established by the Federal Revenue Service.
Brazilian citizens have the period between March 15th and May 31st to submit the Individual Income Tax Return (IRPF) for 2024, as determined by the Federal Revenue Service. This means there are two and a half months available to settle tax obligations.
Those subject to the obligation to declare are those who received taxable income above R$ 28,559.70 in 2023, equivalent to about two minimum wages per month.
It is important to highlight that, starting this year, the income tax exemption threshold will be increased from R$ 1,903.98 to R$ 2,112.00. This change will result in tax exemption for approximately 13.7 million taxpayers, according to the Federal Revenue Service.
Mauro Silva, president of the National Association of Federal Revenue Auditors of Brazil (Unafisco Nacional), explains that although the exemption table remains unchanged, the minimum threshold continues with gains up to R$ 2,112. Thanks to a legal provision, those earning up to R$ 2,640 (two minimum wages in 2023) are exempt.
However, according to him, the minimum wage adjustment raised the value to R$ 2,824, resulting in the loss of exemption and the return of a 7.5% tax on wages to the treasury.
Income Tax Table 2024
Source: Federal Revenue Service
| Bracket | Monthly base for calculation | Tax rate | Amount to deduct from IRPF |
|---|---|---|---|
| 1st bracket | Up to R$ 2,112.00 | 0% | - |
| 2nd bracket | From R$ 2,112.00 to R$ 2,826.65 | 7.5% | R$ 158.40 |
| 3rd bracket | From R$ 2,826.66 to R$ 3,751.05 | 15% | R$ 370.40 |
| 4th bracket | From R$ 3,751.06 to R$ 4,664.68 | 22.5% | R$ 651.73 |
| 5th bracket | Above R$ 4,664.68 | 27.5% | R$ 884.96 |
Discount on tax under the simplified model
Graduated in Psychology, Systems Development and MBA in Business Management from FGV, I am a constant learner, passionate about languages.
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