Tax authorities have already processed 2,5 billion euros in IRS refunds

The pace of processing refunds accelerated during the month of June, as at the end of May the amount of tax refunded to taxpayers was down by about 60% year on year.

The Tax and Customs Authority has so far processed the payment of 2,5 billion euros in IRS refunds, according to data released this Wednesday by the Ministry of Finance.

According to the same data, released a day after the deadline for the submission of the annual tax declaration, the value of the refunds processed in June this year compares with the 2.755 million euros refunded on the same date last year, which reveals a 10% year-on-year drop.

These data indicate that the pace of processing refunds accelerated during the month of June, as at the end of May the amount of tax refunded to taxpayers was down by about 60% year on year.

By the end of June, 4,8 million IRS declarations had been settled, which corresponds to 86% of the declarations delivered during this campaign.

Of that total of declarations already settled, the Ministry of Finance also indicates, 2,46 million originated refunds - and in 94% of these situations the tax has already been returned to taxpayers.

Refunds on income earned in 2019 began to be processed on April 21, later than observed in recent years.

In 2019, the total amount of IRS refunds amounted to 3.003,1 million euros, according to the information available in the budget execution summary of the Directorate-General for Budget. In 2018, the amount returned to taxpayers had been 2.626,4 million euros.

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