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Lower Tax Refunds in 2024

In 2024, refunds are expected to decrease as a result of modifications made to retention tables.

According to data from the Finance Portal, over two million IRS declarations have been submitted by taxpayers. Following adjustments to the retention table, refunds will be smaller than usual, and any amounts less than ten euros will not be paid out.

The Finance Portal data reveals that a total of 2,065,048 IRS declarations have been filed with the Tax and Customs Authority (AT). Of these, 1,622,610 were submitted by taxpayers reporting income solely from work or pensions, with the remainder covering other types of income, as reported by ECO.

Adjustments to withholding tax tables aim to align the amount withheld with the actual tax liability, resulting in potentially lower refunds for eligible taxpayers.

The tax office has clarified that no reimbursements will be issued if, as a result of liquidation, whether due to additional, reform, or revocation of liquidation, the refund amount is less than 10 euros. Consequently, refunds falling below this threshold will not be processed.

The current IRS campaign, which pertains to income earned in 2023, commenced on April 1st and will continue through June 30th.

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