All workers who presented their projection of expenses in January 2022 to reduce their income tax payment must now support them with invoices presenting the personal expenses annex. This February 10, the deadlines to comply with this procedure begin to expire, if you do it late you will pay a fine and if you do not do so, the reduction is canceled and you will have to pay more income tax.
The income tax cycle has three parts: the first was in January 2022 when the presentation of personal expenses was made, calculating how much was going to be spent during that year. Now we are in the second part: in February 2023 the annex of those expenses must be presented, in March it will be time to make the declaration, all this corresponds to the 2022 financial year. The projection of expenses that was recently presented (last January) It is by 2023 that it should be supported next year.
All workers who used income tax reduction in 2022 must submit a personal expenses annex in February
“If you do not support your personal expenses, what will happen is that your declaration in which you reduced your tax payment is annulled, arguing that you had expenses, if you do not justify those expenses later, what the tax administration does is not consider those expenses for the tax return and therefore what should happen automatically is that you have to repay your income tax, which will surely come out higher,” explained the director of the Internal Revenue Service (SRI), Francisco Briones, during a radio interview.
For this reason, he said that it is highly recommended that the annexes be presented.
For that there is a calendar, according to the ninth digit of the taxpayer’s ID or RUC. So this Thursday the deadlines begin to expire:
- Those who have 1 as the ninth digit must present the maximum personal expenses annex until February 10.
- For digit 2 it is until February 12.
- For digit 3 until February 14.
- For digit 4 until February 16.
- For digit 5 until February 18.
- For digit 6 until February 20.
- For digit 7 until February 22.
- For digit 8 until February 24.
- For the digit 9 until February 26.
- For the digit 0 until February 28.
If one of these days falls on a holiday or weekend, it is transferred to the next business day. This was explained by Carolina Galarza, who was in charge of conducting training on behalf of the SRI on this annex that is available on the entity’s website www.sri.gob.ec and where she showed this schedule.
Limit of personal expenses will be $5,344.08 to apply to a reduction in income tax
This will be the first time that all workers in a dependency relationship who presented projection of expenses in 2022 have the obligation to present now the annex of those expenses. The difference is that before, the rule established that it was an obligation to present the personal expenses annexes only when the worker had personal expenses of more than 50% of the basic deductible fraction, and for this reason some people presented their projection for $2,000 or $3,000 of expenses no longer worried about the annex. But that changed with the tax reform approved at the end of 2021 and which began to be applied in 2022.
After this reform, article 34 of the regulations to the Internal Tax Regime Law indicates that “in order to carry out the reduction, the taxpayer must submit the annex of personal expenses, in the manner established by the Internal Revenue Service” . (YO)
Source: Eluniverso
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
