The Tax Agency, within the framework of the 2022 Income, has already received four million returns. Of these, 3.4 million go out to return, which shows a habitual behavior: that the citizens who first comply with this procedure are those who go out to return. In addition, 2.4 million filers have already agreed to these refunds, and the amount already paid exceeds 1,500 million euros, according to the latest data from the agency.
This fact, the fact that the Treasury has to pay and enter an amount of money in the taxpayer's account, is usually taken as positive news. Something like an extra pay that is not expected. And yet, the reality is that, at least from an economic efficiency point of view, it is best that it is the taxpayer who must pay the Tax Agency or, at least, that the withholdings of the agency have not been higher than strictly necessary.
Because if they have been, what will actually happen is that the taxpayer will have lost purchasing power. In such a markedly inflationary environment, the money he will receive now will have much less value than the one that the Treasury began to withhold in January 2022 as income tax. From that moment until now, according to data from the National Institute of Statistics (INE), the accumulated variation of the CPI is 7.3%. And the increase in the cost of life is especially noticeable in aspects such as food.
Thus, if a taxpayer is reimbursed 700 euros, this figure could be extrapolated to an overpayment of 50 euros for each of a hypothetical 14 payments. And with those same 50 euros, the shopping basket that could be made in 2022 was undoubtedly greater than what can be completed today. This simplified example can be taken to almost any area of day-to-day life, and shows that loss that the taxpayer has suffered. On the other hand, if the taxpayer has a debt with the Treasury in the form of a lower payment for income tax, the amount owed will have less value than when it was contracted, that is, when less is paid for the tax.
At the same time, paying a higher monthly amount for personal income tax also allows the State to finance itself at no cost. Because until you have to return that money to the taxpayer, you can use the funds for the needs you consider, you will not have to pay any interest to the citizen and, as has already been explained, when you return it it will have less value than when you withheld it.
And this year, although with inflation levels that are moderating slightly, the same thing is happening. So the possible money that taxpayers receive in 2024 will have less value than that now paid as Personal Income Tax, something that is still possible to rectify and avoid given that there is more than half a year ahead until the fiscal year closes.
Dates of the declaration
Back to the current income campaign, and regardless of whether the return comes out to return or pay, the period for submitting the documentation online began on April 11 and will run until June 30. As of May 5, taxpayers who wish to do so may prepare the declaration by telephone, opening on the 3rd of that same month the deadline to request an appointment.
And finally, from 1 to 30 June, the tax return can be made in person at the offices of the Tax Agency. The request for the appointment can be made from May 25 to June 29.
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