Did not submit your tax return on time? You are subject to a fine.

What are the consequences of not submitting the IRS on time?

The alert comes from DECO PROteste, shared on Notícias ao Minuto, highlighting that those who have not submitted their IRS tax return by the deadline (June 30) are subject to a fine. Additionally, they may also lose "benefits available to all who fulfill this obligation on time".

Therefore, you must know that if you deliver late, most of the time you are required to pay a fine, but "in some cases, taxpayers can benefit from a reduction." 

"To do this, they must submit the declaration within 30 days after the deadline, that is, until July 30, on their own initiative, and the delay should not result in any harm to the Tax Authority. Under these conditions, the minimum penalty may not exceed 25 euros," the quote from DECO in the news can be read.

And what about submitting outside the extra deadline?  

In case of exceeding this additional deadline "and submitting the declaration within 30 days after receiving the notification of delay, the minimum fee to be charged becomes 37.50 euros, which corresponds to 12.5% of the minimum value set for cases of negligence".

However, note that "this amount can, however, rise to €112.50, if the Tax Authority has initiated any type of inspection. When the delay is longer and harms the State, the fine starts at €150 and can reach €3750, plus other charges."

Finally, it is also worth noting the warning from DECO in the news regarding the fact that, since 2024, penalties are milder than before: "Contrary to what happened in the past, those who fail to meet the deadline for submitting the statement and do not fulfill this obligation within 30 days after being notified may not lose the right to deduct certain expenses, such as general and family, health or real estate, for example, as long as they are previously validated in the e-Invoice."