Aspects to be Considered in the Individuals’ Annual Tax Return
- Who submits it and what’s the deadline date?
All individuals subject to Income Tax, who got income for the provision of professional services, business activity (except Tax Incorporation Scheme), real estate leasing, alienate or acquire goods or those who receive wages and interest. For the case of employees who have earned over $ 400,000.00, will be compelled to file their annual return unless that income is received exclusively from a single employer. And must be submitted no later than April 30 of the current year.
- What is considered a personal tax deduction?
- Medical, dental, hospital fees; psychology and nutrition services.
- Funeral expenses not greater than one Measurement and Updating Unit (UMA) per year.
- Complementary retirement contributions.
- Medical expenses, insurance premiums.
- Real interest effectively paid for mortgage loans.
- School transportation whenever it is mandatory.
- Tax stimulus for payment of tuition
- Non-onerous nor remunerative donations
The total amount of personal tax deductions cannot exceed five annual Measurement and Updating Units (UMA) or 15% of your total income, including those exempt, whichever is less. This limit will not apply for donations and complementary retirement contributions and voluntary.
|From 1,400 to 17,370 pesos||For each debenture not declared spontaneously within the corresponding term.|
|From 1,400 to 34,730 pesos||For every debenture that you must fulfill when submitting it after the deadline, whether it is a tax return, request, notice or certificate.|
|From 14,230 to 28,490 pesos||For not submitting the tax returns on the Internet, when being compelled to do so, submit them after the deadline or not comply with the requirements of the tax authorities or meet them outside the deadlines.|
That is why, to avoid possible fines, updates, and surcharges, we are at your service to guide you.