The deadline for submitting the Model 3 IRS tax return for the 2024 financial year was between 1 April and 30 June. If you have missed this deadline, you can still submit it. However, submitting it after the deadline will result in paying a fine.
If the IRS tax return is submitted within 30 days of the deadline, i.e. by 31 July, the fine is reduced to its minimum limit, which is €25.
If the delay is more than 30 days, the fine is €37.50 and can rise to €112.50 if the AT has already opened an inspection when the IRS tax return is submitted.
However, the fine can be waived if it has been imposed in the previous five years:
- You have not been convicted by a final judgement in administrative offence or criminal proceedings for tax offences, or;
- Has not benefited from a waiver or reduced fine.
Even if you don’t meet these requirements, the fine may also be waived provided that the offence does not cause actual damage to tax revenue and that the offence has been regularised.
So, if you haven’t yet submitted your 2024 personal income tax return, it’s important to act quickly. Filing by 31 July guarantees payment of the minimum fine. After that date, the penalties increase.
If you have any doubts about your obligation to file or want to minimise the impact of the fine, we recommend consulting specialist legal advice.
The Tax Law Department of Belzuz Advogados S.L.P. in Portugal, is fully available to assist you in submitting your personal income tax return after the legal deadline, as well as in submitting requests to waive or reduce the fine that may be imposed by the Tax Authority.