The Ministry of Economy and Finance (MEF) implemented this month a public good campaign to report on the tax cut approved by Parliament in March.
This Friday, The MEF and the General Tax Directorate (DGI) enabled calculation simulators for dependent and non-dependent workers. Over there HE can consult only the changes related to the increase in the deduction rate and the deduction per child, in the case of Personal Income Tax (IRPF).
In the case of the benefits introduced in mortgage loans and real estate leases, these will be reflected at the time of presenting the annual sworn statement, it was explained.
For example, the monthly withholding simulator for dependent workers shows this calculation and compares it with the result before the tax modifications. It can be consulted at this link where the spreadsheet will be automatically downloaded.
Something similar occurs with the bimonthly advance simulator for self-employed workers that is consult here. It shows the calculation of the advance corresponding to the two-month period that includes March, where the discount had not yet applied, and April, with the new benefits. By showing the months separately, the effect of tax reductions can be appreciated
A third simulator shows the calculation of the bimonthly advance from May 2023.
According to the data handled by the government, the modifications in the IRPF they will reach some 327 thousand people, 75% of taxpayers. Among them, 207,400 people will see “significant benefit” (47% of total taxpayers).
In addition, 63,000 people who receive less than $60,500 liquid monthly will cease to be taxpayers. The tax waiver will be US$ 80 million per year.
