Tax Administration (SRI) has discovered pending payments from Foreign currency outflow tax (ISD) for at least 85,545 taxpayers, in the years 2020 and 2021, for a total payment amount of $12.3 million.
According to DRI data, the average value of each taxpayer’s debt was $136.58 in 2020 and $149.41 in 2021. SRI continued to notify debtor taxpayers of this news via their email.
The first five-month period closed with $8.279 million in tax collected, an increase of 3.6%. Income tax increased the most, 14.2 percent more
How can it happen that a citizen gets into problems with a payment that he did not make, and which DRI manages to discover? Differences between ISDs generally arise when a taxpayer has used more than one credit/debit card, because when an individual or company exceeds the exempt annual amount ($5,109.79 for 2023) with the issuer, it makes the appropriate withholding tax, as determined by regulation; however, other credit/debit card issuers do not know that you have exceeded the exempt amount with another issuer and do not withhold.
On this topic, Francisco Briones, director of the Tax Administration, He told an anecdote on journalist Carlos Vera’s digital program that he himself was audited and that last week he received a notification on his personal e-mail that there was a difference in the ISD charge through a credit card loan for $45. He explained that he just happened to have charges outside the exempt figure, but with other cards. Explain that when credit cards are from the same bank, the entity can consolidate, but not if cards from multiple banks are used.
The tax reduction will take effect from February 1, 2023
SRI also noted that when a person issues additional cards, the consumption will always be attributed to the cardholder.
In this regard, the tax regulations provide that in the event that a natural person or company exceeds the annual exempt amount, and was not liable for withholding or collection tax, the main card user as a taxpayer must report and pay the tax.
Taxpayers who have inconsistencies in paying this tax must submit the application online on Form 106, code 4580.
In which cases is ISD paid?
ISD must be paid for the transfer, shipment or transfer of currency abroad, whether by cash or cheques, transfers, withdrawals, credit cards, etc.
Source: Eluniverso
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