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How the fiscal package could impact payment

How the fiscal package could impact payment

Next week the senators will debate in a plenary session of committees the fiscal package of The Bases Law, which has already obtained half a sanction in the Chamber of Deputies.

Next week the senators will debate in plenary commissions the fiscal package of the Bases law, which has already obtained half a sanction in the Chamber of Deputies. It contemplates an increase in the collection of Income Tax, which would represent 0.3% of GDP.

Firstly, the Government intends to lower the non-taxable minimum to $2,081,258.67 for May and thus achieve that the number of taxpayers rises from 195,729 taxpayers to 1,150,000.

In parallel, intends to eliminate the exemption from the bonus that is currently in force for the payment of Profits. Exemptions for overtime and deductions for travel expenses and other similar compensation would also be eliminated.

However, the package includes a new deduction equivalent to one twelfth of the sum of personal deductionstherefore the exemption would not have a relevant practical effect since this new deduction would even be a benefit for those who previously did not receive the bonus exemption.

It is worth remembering that employers have until June 30 to deposit the first installment of the salary to workers in a dependency relationship. Supplementary Annual Salary (SAC)better known as aguinaldo, which is equivalent to 50% of the highest salary for the semester in question.

Source: Ambito

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