Fine for Those Who Do Not Submit the Declaration

Today, May 31, is the deadline to file the Income Tax return. Accountant Mônica Porto warns about the fine for those who do not submit the documentation. "The fine is 1% per month on the amount of income tax owed, limited to 20% of the income tax amount. The minimum fine is R$ 165.74," she says. The fine is generated at the time of filing the declaration, and the notification of the assessment is attached to the receipt of submission. The taxpayer will have 30 days to pay the fine. After this period, interest on late payment (Selic rate) begins to accrue.