The Government issued regulations for its tax reform and clarified how special contributions must be paid from 2022.
Through executive decree 304, President Guillermo Lasso issued the regulation of the Economic Development and Fiscal Sustainability Law (tax reform). Among the main provisions are some that clarify how the payment should be made. special contribution on the heritage of natural persons; and how and when the projection of personal expenses must be presented to be deducted from the payment of the Income tax.
Wealth tax for natural persons
This tribute is mandatory for people who, as of January 1, 2021, have maintained a heritage individual equal to or greater than $ 1 million, or, when there is a conjugal partnership, equal to or greater than $ 2 million.
In the case of tax residents in Ecuador, the contribution will be calculated and paid on the declared heritage. A tax resident meets the following characteristics: stay in the country for more than 183 days; Even if you live abroad, your main source of income is in Ecuador or that your family nucleus lives here.
For non-tax residents in the country, the payment and calculation of the tax It will be on the goods and assets located in Ecuador.
The regulation it also includes an incentive for taxpayers who have been complied. Thus, those who have declared their taxes in a timely manner (including rent) during the last three fiscal years, they will receive a discount of 5% in the payment that will have to do.
According to the Law, the tax will be 1% if the heritage it is between $ 1 million and $ 1.99 million. If it is $ 2 million or more, the percentage is 1.5%.
The value of heritage It can be discounted in four cases: The shares owned by a person in a company that has made the payment of the temporary contribution for large companies; properties that have primary forests and zones of ecological diversity; first home; and unproductive agricultural land.
The deduction for the first home and unproductive farmland will be a maximum of $ 200,000. In the case of the conjugal partnership, this discount must be prorated (divided proportionally) between the spouses.
After subtracting those four exemptions, the tax must only be paid when the remaining equity value is at least $ 1 million
People who have a conjugal partnership or common-law union with a heritage common, equal to or greater than $ 2 million, must file an individual return. In the tax document, each spouse will include the patrimonial portion that corresponds to him.
Finally, the payment of the tax It must be done, only once, until March 31, 2022. You can access payment plans of up to six months.
Payment of income tax
Companies will continue to retain the Income tax on a monthly basis. In addition, the obligation to present the projection and annex of personal expenses in January of each year is maintained.
Taxpayers must credit up to a maximum of $ 5,000.7 in personal expenses that can be housing, health, food, clothing, tourism and education, including in the latter category for concepts of art and culture.
For the payment of Income tax several steps must be followed. First, you must calculate the gross income (all remuneration, including tenths and reserve funds). These gross income are used to determine if the minimum base is reached, which is 2.13 basic fractions.
In other words, if their gross income amounts to $ 24,090.30 per year, or $ 2,007.53 per month, the person is required to declare and pay the Income tax. In addition, that payment can only be reduced by a maximum of $ 500.7 per year if you present personal expenses.
For example, if the annual income is $ 36,000 per year, the contribution to the IESS of $ 3,402 is subtracted, and the payment of the Income tax annual is $ 2,643. But if personal expenses are presented for the maximum of $ 5,007, that value can be reduced by $ 500.7; With what the real disbursement to the treasury would be $ 2,142.30 per year or $ 178.53 per month. (JS)
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