One by one, all the keys to take into account for the payment of Personal Income Tax from this month.
As of the current month there will be modifications to be considered by employers regarding the monthly advances of the Personal Income Tax (personal income tax), as reported by the professional services firm, C.P.A. Ferrere.
The new deductions referring to dependent minor children are 9,433 pesos per monththat is, 20 PCBs —Benefits and Contributions Base— annual, and 18,866 pesos per month (40 BPC per year) for minor or older children who are legally declared as disabled, or suffer a serious disability. It should be remembered that 1 BPC is equivalent to 5,660 pesos.
On the other hand, an increase in the deduction rate scale is established for those people who have incomes of less than 84,900 pesos per month (180 BPC per year), which will go from 10% to 14%, while the deduction rate for higher incomes will remain unchanged. For these incomes, the Christmas bonus or vacation salary will not be considered.
How to deduct mortgage loans?
To deduct the mortgage loan installment there is a limit referred to the cost of acquiring the home itself. This limit will now go from being about $117,000 —794,000 Indexed Units (UI)— to be of $148,000, that is, 1,000,000 IU, approximately. In addition, the maximum annual deduction amount remains at $5,200 (or about 36 BPC).
The percentage to allocate a tax credit will be increased to 8%
The percentage on which a tax can be allocated will be increased. fiscal creditfrom 6% to 8% above the rental price.
All these modifications must be considered for the financial year 2023, beginning to be applied with the advance payments for the month of April 2023.
Source: Ambito
