Who is required to pay the IRPEF by July 31, 2024?

The Importance of July 31st Deadline for Income Tax Payment

Summer is a time of year filled with tax deadlines for many taxpayers, including the 2023 balance and the first installment of 2024 income tax (Irpef).
Typically, income tax is due by June 30th (this year the deadline has been extended to July 1st), but some choose to pay by July 31st, albeit with a small increase.

Income tax, therefore, traditionally has a deadline of July 31st, even though there are some changes in 2024.
While some have paid the tax by July 1st, others have deferred the payment to the end of July, without incurring any additional costs.

Who Should Pay Income Tax by July 31st and When is a Surcharge Applied?

Many might think that this deadline extension only applies to VAT-registered individuals, but that is not the case.
The July 31st deadline applies to the majority of taxpayers who were required to pay the balance and the first installment of income tax by July 1st, 2024, but failed to meet the standard deadline.

With a surcharge of 0.40%, the tax can be paid by July 31st.
The surcharge will be applied in full to those who were supposed to pay by July 1st, 2024, and calculated based on the actual days of delay.

Not Everyone is Subject to the Surcharge

Not all individuals paying the first installment of 2024 and the 2023 income tax balance by July 31st are required to apply the 0.40% surcharge for late payment.
Particularly for 2024, VAT-registered individuals involved in a biennial preventive arrangement can pay their taxes due by July 1st until July 31st without incurring a surcharge, and by the end of August with the 0.40% surcharge.

Payment in Installments

Even those who choose to begin paying the installment on July 31st still have the option to pay in installments, albeit with a 0.40% increase on the installment amount.
The payment schedule is as follows:
– July 31st: first and second installment without interest;
– August 16th: second installment with interest;
– September 16th: third installment with added interest;
– October 16th: fourth installment further increased by interest;
– November 18th: fifth installment with interest;
– December 16th: sixth installment with interest.

Regardless of when the income tax payments commence or the number of installments chosen, the total tax amount must be settled by December 16th.