The deadline for filing Income Tax began on March 15 and will run until May 31, 2023. If you are a taxpayer required to declare income tax, it is important to be prepared for the novelty: transactions carried out by Pix must be included in the income tax return.
Understand the changes to avoid the Federal Revenue’s “fine mesh”
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Since 2020, Pix has been launched with the promise of simplifying the routine of Brazilians, especially by allowing bank transfers between different banks without additional fees.
Now, after almost three years of launch, Pix is considered one of the most popular financial tools in the country and, therefore, must be included in the income tax return.
The Federal Revenue is the body responsible for the financial control of different taxes in the country, including the Income Tax, one of the most well-known federal taxes.
Due to the large volume of transactions carried out by Pix, all taxpayers declaring income tax must include the records of these banking operations in their IR statement.
But make no mistake: the Federal Revenue is monitoring the transactions carried out by all Brazilian taxpayers.
So, whether you are an individual or a legal entity, don't forget to fill in the Pix fields in your statement.
How to declare?
The requirement for individuals and legal entities is different, according to the Federal Revenue Service. For individuals, the declared values must correspond to the result of transactions carried out in 2022.
For legal entities, who use Pix as a payment method, the amount of invoices issued by the establishment must be greater than the total used via Pix.
These precautions are necessary to avoid the “fine mesh”, which are problems in the Income Tax declaration, whether they are inaccuracies in declared values, omissions in earnings or inadequate provision of information cadastral.