INCOME TAX RETURN - 2009
From March 2, 2009, the Brazilian Federal Revenue shall start to receive the Income Tax Return related to 2008 calendar year.
According to the Normative Rule SRF Nr. 918/09, the income tax return shall be presented by the following individuals, residents in Brazil, that, in the calendar year of 2008: (i) have earned taxable incomes, that sums more than R$ 16.473,72; (ii) have earned exempt incomes, not taxable incomes or withheld income tax, that sums more than R$ 40.000,00; (iii) held corporate or cooperative stake in Brazil, as owner, quotaholder or shareholder; (iv) have earned, in any month 2008, capital gains due to disposal of assets and rights, subject to income tax or performed transactions in the stock, commodity, futures and similar markets; (v) have earned more than R$ 82.368,60 due to rural activity or intend to offset tax losses in the calendar year of 2008, with losses of the same calendar year or previous calendar years; (vi) have possessed or owned assets and rights on December 31, 2008, that sum more than R$ 80.000,00 (vii) has become resident in Brazil and was still resident on December 31, 2008; (viii) have chosen the income tax exemption in capital gains in disposal of residential real states, pursuant to article 39 of Law nº 11.196/2005.
We stress that the Income Tax Returns shall be presented to Brazilian Federal Revenue not later than April 30, 2009, since eventual delay subjects the contributor to a penalty, which minimum amount is R$ 165,74 and the maximum is 20% of the tax to be paid.
Eventual income tax to be paid due to the presentation of the income tax return might be paid in eight successive and monthly installments. None of the installments shall be lower than R$ 50,00 and the income tax inferior to R$ 100,00 shall be paid in a single quota. Moreover, the first or single installment shall not be paid later than April 30, 2009.
The contributor that presents its Income Tax Return up to March 31, 2009, is allowed to pay the tax by automatic debit in its current account.
Should you need any further information regarding this or any other matter, please do not hesitate to contact us.
By SAEKI ADVOGADOS Tax Department
