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Individual’s Income Tax: deadline for PGBL tax benefit is Dec-28-2017
The private pension plan called Free Benefit Generator Plan (Plano Gerador de Benefício Livre - “PGBL”), allows deduction of up to twelve percent (12%) of taxable gross revenue in the Annual Income Tax Return (IR). The PGBL is recommended for those who file the Annual Income Tax Return by the complete form.
Anyone who wants to hire this pension plan or make an additional contribution must act until Dec-28-2017, last Banking Day of the year, otherwise the taxpayer will not be able to claim the benefit in the next IR submission related to the calendar year 2017.
As a condition, the taxpayer should also contribute to the INSS or to the scheme for civil servants. Moreover, if the private pension plan is on behalf of a dependent older than sixteen-year-old, they should also be contributors of social security.
DPC stresses out that PGBL plans are for taxpayers who file the IR by the complete form. Taxpayers who file the IR by the simplified form and want to invest in private pension plans should choose the Free Benefit Generating Life Insurance (Vida Gerador de Benefícios Livres - “VGBL”).
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