How to Pay Income Tax in Advance for 2020: Find Out Which Banks Are Right for You
Initially, many banking institutions are offering loans to people who want to pay their 2020 income tax in advance.
Advertisements
It's important to remember that the deadline to file your 2020 income tax return began on March 2 and runs until April 30. However, refunds will be paid in batches, from May to September.
Approximately 32 million Brazilians are expected to file their tax returns with the Federal Revenue Service. For those who wish to receive their refunds early, the interest rate is around 1.4% and 1.9%.
Continue reading and check out here at Valor Notícias which banks are offering credit lines for advance payments.
How to advance your 2020 income tax refund?
First of all, before you pay your 2020 income tax in advance, you need to be wise to avoid unnecessary expenses and interest.
->-> See who is entitled to withdraw R$ 998.00 until March 31st
->-> Last batch of PIS/PASEP released
->-> Government decides to release R$ 200 to self-employed workers without a work permit
It is important to note that this advance is a type of personal loan offered by banks, and releases an amount of up to 100% of the refund that will be received.
However, there are some restrictions, as the customer can only take out personal income tax advance credit at the financial institution where they will receive the refund amounts due.
Which banks are bringing forward the 2020 income tax refund?
Subsequently, some financial institutions are already releasing advance payments. income tax in 2020:
Bank of Brazil
For customers receiving their 2020 income tax refund from Banco do Brasil, the news is good and advantageous. The bank released this type of personal loan on March 2nd.
Therefore, Banco do Brasil account holders can advance up to R$100% of income tax, limited to an amount of R$$20,000.00.
However, Banco do Brasil's interest rate is around 1.49% and varies according to each consumer's profile.
Bradesco
Taxpayers who receive payments at the institution through Bradesco bank can also count on the benefit of advance payments up to a limited amount of R$$50,000.00.
The advance credit amounts may even be up to 100% of the refund.
However, on the other hand, the interest rate offered by Bradesco is much higher compared to Banco do Brasil. In fact, it's around R$1.741, and to obtain the loan, the minimum amount required is R$1.4T200.00.
Itaú
Since March 3, Itaú has been offering personal loans for advance income tax payments. The credit limit offered by the financial institution can range from R$1,000.00 to R$1,000.00.
However, the interest rate charged in the negotiation by Itaú bank is around 1.90%, but may vary according to the profile and history of each customer.
Therefore, it is important to plan where the money will be invested and whether it is really necessary before paying your 2020 income tax in advance.
