Tax advisors recommended to the employees affected by the new Ipersonal income tax start immediately the loading of your personal deductions before enabling the F572web form.
This is because delays in implementing the fiscal package changes meant that Companies have just under a week to settle salaries by applying withholdings of the salaries for which they were again reached.
“It is important that employees Please enter the “SIRADIG-Trabajador” web service as soon as possible with your tax code and upload the corresponding information. so that it is considered by their employers when calculating the tax in the next payroll settlement“, said the CEO of SDC Tax Advisors, Sebastian Dominguez.
How will deductions be treated?
During the first semester The amounts of personal deductions accumulated monthly will be applied, considering the amounts updated with effect from 1 January of each year.
In it second semester of the fiscal year, the amounts accumulated monthly will be applied, considering the updated monthly amounts with effect from 1 July and added to the amounts that were applicable during the first half of the year.
When the annual settlementthe amounts accumulated annually will be applied, considering the amounts updated as of July 1.
If applicable, the excess amount withheld will be refunded to the employee. In practice, this means that the Over-withholdings made in the first half of each year will be returned to the employee 10 months later“This is not reasonable, since no interest is recognized in his favor,” says Domínguez.
Now the taxes on the Christmas bonus will be paid
The regulations establish that The proportional part of the bonus must be deducted throughout the year. This is about 12 installments.
“These provisions would be a regulatory excess that harms employees because Income tax must be withheld from a SAC that will be collected later,” the tax specialist explained.
The procedure consists of The employer must add to the gross profit of each calendar monthone twelfth of the sum of such earnings in the form of SAC for the determination of the amount to be retained in said month. Likewise, it is appropriate to deduct a twelfth part of the deductions to be computed in said monthas SAC deductions.
After that, the employer will have two alternatives:
- In the months in which the payments are made SAC feesadd the amounts actually paid for said installments and the deductions made on them, to the determination of the monthly withholding, and deduct the twelfth parts computed in the months elapsed until the one in which the payment of said installments is made.
- Do not use the mentioned alternative and then, In the annual or final settlement, as appropriate, add the two installments of the Annual Supplementary Salary actually paid in the fiscal period and the deductions corresponding to the concepts reported by the beneficiary of the income, and discount the twelfth parts computed in each month of the fiscal period
No more than what corresponds to the Cedular may be retained.
The Resolution establishes the methodology for calculating the special deduction so that no worker pays more income tax than what corresponds to the Cedular.
The extraordinary update for September was established
The new law establishes the Update of personal deduction amounts and the tax scales in January and July of each year, starting in 2025, on a semi-annual basis based on the variation in the CPI. Likewise, on an exceptional basis, it contemplates an update in September 2024 considering the variation in the CPI of June, July and August 2024.
Source: Ambito
