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Questions and answers about the Tax Reform

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It will apply from 2022.

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The Economic Development and Fiscal Sustainability Law, which includes a package of fiscal reforms, was published last week in the Official Gazette; It came into force by the Ministry of the Law after the Assembly failed to pronounce either in favor or against the project, thus giving way to its approval by default.

Who will pay more income tax (IR) with this law?

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The tax reform establishes an increase in this tax for those who earn more than $ 2,000 a month.

Since when will this increase be applied?

It will apply from 2022.

On how many taxpayers will the reform fall?

Over 275,900 taxpayers, between citizens and companies.

How much does the government expect to collect with this law?

More than $ 1.9 billion in new tax revenue in favor of the State, in the years 2022 and 2023.

How much IR will those with incomes between $ 31,630 and $ 41,630 pay per year?

These taxpayers will pay 20% IR from 2022.

How much IR will those with incomes between $ 41,630 and $ 51,630 pay per year?

These taxpayers will pay 25% IR.

How much IR will those with incomes between $ 51,630 and $ 61,630 pay per year?

These taxpayers will pay 30% of IR.

How much IR will those with incomes between $ 61,630 and $ 100,000 a year pay?

These taxpayers will pay 35% IR.

How much IR will those with incomes over $ 100,000 a year pay?

These taxpayers will pay a 37% IR rate.

Are companies also considered?

Yes, those with assets of more than $ 5 million will make a solidarity contribution of 0.8% for two years.

How many companies will pay this contribution?

1,931 companies will pay the 0.8% rate.

What tax was imposed on the estate?

A special contribution was set for one year for people with assets of more than $ 1 million and of $ 2 million if the so-called conjugal partnerships are considered.

What about VAT and ICE?

A VAT reduction from 12% to 8% was established _up to a maximum of 12 days a year during holidays or weekends_ for the provision of services defined as tourist activities.

Likewise, the 0% VAT for the purchase of electric and hybrid vehicles and solar panels.

In addition, VAT was exempted from the services provided by the Chambers of production, unions and the like, that charge their members fees, aliquots or fees that do not exceed $ 1,500 per year, as well as services provided by tourist accommodation establishments. foreign.

While, the Sanitary napkins and other feminine hygiene products lower VAT from 12% to 0%, also the popular diapers. Cellular plans lower their rate from 15% to 0% from ICE. (I)

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