As of 15 May, IRS rebates surpassed €1.2 billion, more than double the amount reimbursed last year. By 31 May last year, IRS repayments amounted to €676 million. Up until 2017, tax returns were due in two 1-month phases. This year, for the first time, there was one continuous submission period from 01 April to 31 May for all taxpayers.
Automatic IRS Reporting kicks off this year and should reach one third of Portuguese families. Next year, this measure will be extended to a majority of national taxpayers. Piggy-backed to this automation will be quicker tax refunds which should be processed in as little as a fortnight. Despite new international information sharing (“Common Reporting Standard”), those with income from abroad will continue to declare as before.