Wednesday, February 1, 2023

ISR 2023 in Mexico: these are the new tables and how to calculate how much you will pay this year

in Xataka Basics Mexico We already told you about CFDI 4.0 invoices, which are the new standard that we must use to pay our taxes in SAT this year.

And speaking of taxes, From January 1, SAT decided to update ISR tax tables Which are the ones we all pay, for that reason, today we are going to explain what is ISR and how to calculate it as per the new SAT tables.

What is ISR and who pays it?

Income Tax (ISR) is one direct tax burden which is applied to income which increases A’s wealth taxpayer,

according to income tax lawPayment of this tax is compulsory for both physical and legal personThat is, those who are salaried, those for a fee, lessees, or those with only interest income and who are in the following cases:

  • that they reside in Mexico regardless of the location of the source of economic income.
  • Mexicans living abroad who have a permanent establishment in the country, with respect to the respective income.
  • Residents abroad who receive income from sources of funds located in the national territory.

Why the ISR tax rates were changed

Section 152 of the Income Tax Act states that tax rates should be updated for inflation over a period, i.e., when Cumulative inflation over 10% since its last update.

because Cumulative inflation exceeded an annual rate of 10% Since the last review that took place on January 11, 2021, the 2023 financial year carried out by the SAT had to revise the ISR taxes for this current year.

Isr 2022

What is the ISR rate in 2023

The amount related to the tax did not actually change, The change that is the limit by which the tax increasesAlthough in theory, some people would benefit, because ISR increases or decreases depending on your earnings.

The rates applicable during 2023 for computing the monthly provisional payments were as follows:

Isr 2023

How to calculate ISR in 2023

according to a BBVA Bank BlogTo calculate how much ISR you will have to pay, you need to follow these steps:

  • Identify the total income you will receive per month or per year.
  • Select the ISR percentile according to your salary level as provided by the SAT.
  • Subtract the lower limit at your pay level from your income.
  • To the result obtained, apply the rate located in the table shown earlier.
  • To the result you have to add the fixed fee established by SAT and thus you will get ISR.

In short, due to inflation which is more than 10% per annum, SAT updated the rates in line with ISR, now we have to calmly look at the table and calculate the new taxes that we will pay this year.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news