The Tax Agency reveals when it begins to return the income money

The 2023 income campaign is fully underway.

Oliver Thansan
Oliver Thansan
03 April 2024 Wednesday 16:24
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The Tax Agency reveals when it begins to return the income money

The 2023 income campaign is fully underway. The fastest have already submitted the declaration after the deadline opened this Wednesday to access the draft, modify it and send it to the Treasury to get rid of the process of liquidating personal income tax.

If in this first stage the big question was whether it was time to pay or return, for which it was necessary to use the draft, now a new unknown arises. When does the Tax Agency start paying if the declaration is to be returned?

According to sources from the Tax Agency, the first refunds are agreed this Thursday, they are processed computerized overnight and payments will begin this Friday.

Work is piling up for the organization, since in the first hours of the campaign, which will last until July 1, some 1.1 million taxpayers have submitted their declaration. It is expected that 23.2 million declarations will be submitted this year, of which 14.6 million will have the result to be returned. In total 11.6 billion euros will be returned. It is less money than last year (-1.8%) and for fewer people (-3%), always according to AEAT forecasts.

The return period may vary, since payment is not necessarily immediate. In fact, the period is quite long. Once the campaign ends, on July 1, the Tax Agency still has up to six months to make refunds without incurring interest payments.

"The Administration has six months, from the end of the deadline for submitting the declarations, or from the date of presentation if the declaration was submitted after the deadline, to carry out the provisional liquidation that confirms, or rectifies, the amount of the refund requested by the declarant", states the 2023 income manual. After the deadline, interest will be applied on the money collected.

It must be taken into account that if errors or omissions are seen in the declaration, the Treasury can rectify the result, "modifying the amount of the refund requested or determining its inadmissibility." That is, reducing the payment or changing the direction of the result.