IRC Annual Report Deadline for Companies Extended to June 6

The deadline for filing a periodic IRC report has been extended to June 6, giving companies an additional six days to meet this tax obligation, according to an order from the Secretary of State for Tax Affairs, which is now released.

“Obligations to file a periodic income tax return (IRC Model 22 return) for the tax period 2022 and the corresponding payment obligations to file a periodic return, provided for […] in the IRC Code, can be completed by June 6 without any additions or penalties, ”says the order, signed by Nuno Santos Felix.

In addition to extending the deadline (which, under the terms of the law, ends on May 31), the order also specifies that companies that can take advantage of a tax credit that allows them to deduct from taxable income part of the capital gains generated by partners of companies using profits made in 2022 can already take into account on this IRC declaration an amount corresponding to the contingent consideration, provided that registration is made before the end of the Model 22 delivery period.

This is a deduction, provided that in the case of a capital increase from profits generated in the financial year 2022, the registration of the capital increase “occurs before the filing of the income statement for the financial year.”

According to the diploma, “although there are requests for registration of capital increases pending in the commercial registry departments, the transcription of which has not yet been completed at the date of delivery of the declaration of model 22”, when “registration procedures, the date of the date of filing of documents is considered the date of registration” for the same.

Remember that according to the IRC Code, the Model 22 must be shipped annually by the last day of May, whether that day is a business day or not, and the payment of tax must occur “before the last day of May.” time limit set for filing a periodic profit and loss declaration.