The MEF will launch three spots for each of the tax benefits implemented by the Executive Branch, as permitted by the Media Law.
He Ministry of Economy and Finance (MEF) determined that it will carry out a public good campaignas permitted by the Media Law, with the aim of disseminating information and details about the reduction of the Personal Income Tax (IRPF)he Social Security Assistance Tax (IASS) and the relief for companies approved in March.
The tax benefits for workers, retirees and companies were announced by the president Luis Lacalle Pou before the General Assembly and validated by Parliament weeks later.
Now, the MEF made the decision to promote its campaign called “Tax Drop” protected by the Media Law approved in 2014, which allows the use of free up to 15 minutes on radio and television for these purposes.
However, the law provides that they may not be used for “propaganda purposes of political parties nor may they include the voice, image or any other reference that identifies public officials who hold elective positions or positions of particular trust.”
“Lower Tax” will start this Tuesday April 18 and will be heard on TV and radio throughout May. There will be a spot for personal income tax, another for the IASS and a third for the fictitious Income Tax on Economic Activities (IRAE) that includes companies.
Income tax and IASS reduction: all the details of tax relief
As for the personal income tax, These are the keys to the discount:
- 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%
Source: Ambito
