Tax Season Begins in Brazil

The period for individuals to file their 2024 tax return declarations with the Brazilian federal revenue authority (Receita Federal) has started. Tax residents on December 31, 2023, have a little more than two months to report their worldwide income and assets, and if due, pay the tax.

The filing period used to be from early March until the end of April. While dates have changed slightly each year since COVID, the new standard is March 15 to May 31.

Filing is required if, in addition to being a tax resident of Brazil at the end of 2023, you meet at least one of the eligibility criteria. For example, you must file if you earned more than BRL$2,824 per month, had capital gains from a sale, or owned more than BRL$300,000 in assets at year-end.

Foreigners should keep in mind that it’s not just Brazilian income that must be reported. Like the United States, Brazil taxes on worldwide income. All rights and assets owned on December 31, including property held abroad, must also be declared.

You can find out if you owe taxes or are due a refund before filing your tax return declaration. Perhaps you can even Get Money Back. But if that’s not the case, you may be able to pay the balance in monthly installments.

This is also a good time to review your visa status and length of stays in Brazil. You could be a resident for tax purposes without even realizing it.