Income tax and IASS reduction: all the details of tax relief
As for the personal income tax, the keys of the discount will be:
- A 14% of taxpayers personal income tax, the “lower income” they will stop paying that tax.
- For the minor bands – those who win until 60,500 pesos per month–, the rate of deductions will increase from 10% to 14%
- The deduction for dependent child will rise from 73,580 pesos per year –13 bases of benefits and contributions (BPC)– to 113,200 pesos per year –20 BPC–. In turn, the duplication in cases of children with disabilities will continue.
- The cost of housing ceiling will increase to be able to access the mortgage credit deduction, although it was not specified to what extent.
- He real estate lease credit will increase from 6% to 8%
The last four points, linked to tax deductions, will benefit the 75% of the taxpayers of this tax.
On the other hand, as regards the IASS, This is the detail of the measurements:
- will rise the minimum retirement from which payment begins. Thus, from non-taxable minimum of 45,280 pesos (8 BPC) will be changed to 50,940 pesos (9 PCBs)
- He lease credit will increase to 8%
What did Lacalle Pou say about the tax reduction?
These tax waivers, assured the President, will mean 110 million dollars for the state. But, in addition to those directly benefited, “it will generate a virtuous process of greater consumption and economic dynamism“, the president raised.
According to Lacalle Pou, the measure “is for people who make great efforts and they do not have state support because they are not in a vulnerable situation; we are talking about domestic workers, police officers, masons”.
“Let’s agree that the majority of these Uruguayans who are going to benefit is to buy in the store, for everydaynot for Treasury bonds or to go abroad for the summer,” he observed.
Source: Ambito
