Monday, January 30, 2023

Attention, taxpayers: low ISR but why won’t you get enough for a fortnight?

because of that Update of Pay Rates ISR for Individuals, This will come into effect in 2023, – cumulative inflation has already exceeded 10 percent since the last publication of the tables – a significant set of Taxpayers can benefit from reduced tax payments.

For example, a person who earned 13 thousand 381.4 pesos per month in 2022 would have to pay an ISR rate of 21.36 percent at the end of this year, which gives him a tax amount of 2 thousand 858.3 pesos, but the rates will be updated. falling out of line for. , If your salary does not increase in 2023, you will have an ISR of 17.92 percent in your annual tax return, for which you will pay 2 thousand 665.4 pesos in taxes, which is equivalent to a reduced amount of 192.4 pesos with respect to a . year ago.

Meanwhile, individuals with a monthly salary of 15 thousand 487.6 pesos will pay 3 thousand 308.2 pesos in taxes in their annual declaration for the current year and they will report an ISR of 2 thousand 775.3 to the treasury in their 2023 declaration. peso, diminutive amount of 533 pesos.

Rolando Silva Brisino, spokesman for the Social Security Commission of the College of Public Accountants of Mexico (CCPM), explained that although the new ISR tables recognize 10 percent increase in inflation rateSo that some people pay less taxes when ISR rates go up is not a huge benefit, especially if one considers that general inflation has accumulated since January 11, 2021, when the rates were updated to come in this new update. went on effect January 2023The accumulated inflation also reduced workers’ wages significantly.

“This means that even though workers will receive a few more pesos in their fortnight due to lower ISR payments, with that extra money they will buy fewer things at the super market, due to general price increases… So bells should not be on rates. For updation of either UDAN should be started”, he insisted.

What is ISR and how is it collected?

Domingo Ruiz López, President of the Financial Commission of Coparmex Nacional, explained that ISR for Individuals is the tax paid by the taxpayers for the income Or the benefits they receive and they are calculated based on the type of income they receive.

We can find a chapter that defines how ISR is determined for wages, a separate one that will regulate the payment of tax for business or professional activity and a separate one that talks about leasing, they Explained.

Another chapter will specify how ISR will be paid for interest paid to individuals or for dividends or profits received by business partners.

For real estate rental or for the sale of a property, calculate its cost and the profit you would get by selling it a little more expensive.

Then each section will determine the mechanics for computing the ISR.

Ultimately, what the law will find is that positive modification of equityPeople’s utility is what they pay a tax on.

“In the case of individuals, there is a very important principle called progressivism. For a tax to be fair, it must be progressive and there are two limits: a lower one, which must take into account the critical minimum, ie people are taxed first Their cost of living should be ensured before paying and on top of that there is non-foreclosure,” he explained.

Said Taxes should be progressive but not so high as to confiscate people’s wealthThat’s why you will find some ISR tables that talk about the lower limit and upper limit of the fee. This means that depending on an individual’s income level, the ISR rate they will pay will be considered, which can range from 1.92 per cent to 35 per cent of income.

ISR is a tax that is due annually, but it will be determined monthly. Taxpayers make provisional payment of this tax every monthIn the annual declaration, the taxpayer considers all his income from all the chapters to see how much tax he has to pay. And all the monthly payments made by you will be deducted from that annual tax and may result in a credit or debit balance.

Individual taxpayers when they are salaried will be able to consider their annual income for unadjusted travel expenses, grocery vouchers, holiday premium benefits, some portion of profit sharing and Christmas bonuses.

Similarly, employees can deduct certain deductions such as medical or hospital fees, medical insurance, funeral expenses, school fees, etc. That is why there is a balance in favor of some employees.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
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