In this month the projection of personal expenses is presented.
During January, natural persons with a dependency relationship must present a projection of personal expenses. Since this year, a new scheme is in force, which are income tax reductions caused by personal expenses supported by sales receipts, of 10% and 20% of said expenses.
This was established in the Organic Law for Economic Development and Fiscal Sustainability after the COVID 19 pandemic.
These are the changes in the projection of personal expenses for 2022
In this 2022, the basic fraction is $11,310. If the income does not exceed $ 24,090.30, then 20% of personal expenses may be deducted from the tax and if it exceeds, it may be only 10% of said expenses.
To calculate the maximum amount of discount, this maximum value must be taken into account and if it is not exceeded, you can have a discount of 20% between the lower value of personal expenses or the value of 7 basic family baskets (up to $ 5,037.55 ).
To establish the monthly withholding, all the remunerations corresponding to the worker must be added, except for the thirteenth and fourteenth remunerations, and the values of the Social Security contribution must be deducted. The regulation indicates that on the taxable base thus obtained, the rate contained in the table of income tax for natural persons will be applied.
The reduction for the projection of personal expenses will be subtracted from the result obtained, according to the limits established in the Law, and will be divided by twelve, to determine the monthly rate to be withheld for income tax. This according to the latest table of the current IR. (I)
Paul is a talented author and journalist with a passion for entertainment and general news. He currently works as a writer at the 247 News Agency, where he has established herself as a respected voice in the industry.
