2023-09-19 16:02:24
With the delivery of the regulations by President Guillermo Lasso, on September 15, the Organic Law for the Strengthening of the Family Economy (LEFAM) is applicable nationwide.
This, according to the Minister of Finance, Pablo Arosemena Marriott, will benefit 340,000 Ecuadorian families who “will have more money in their pockets due to the decrease in Income Tax.” Although this is the most popular benefit, it is not the only one, as highlighted by the Internal Revenue Service (SRI).
The Regulation defines, among other points, the application of the deduction of personal expenses for the calculation of the Income Tax of natural persons, the registration of taxpayers of the RIMPE regime and the date for the presentation and payment of the tax return of the special taxpayers. We tell you more details:
Income Tax Reduction
The SRI explained that the Regulation provides that the health, food, education and clothing expenses of pets paid by the taxpayer may also be included as personal expenses.
In addition, there is the possibility of registering parents as dependents. Those who wish to do so must have express consent to be included as family dependents of the taxpayer. Parents who:
They receive retirement pensions, but have the status of dependents of the taxpayer.
They do not receive taxed income.
For the reduction of the Income Tax caused, the sales receipts in which the expense is supported may be in the name of the taxpayer or their duly registered family members.
Regarding sports forecasts, the activities contained in the single income tax regime are defined. Activities other than these are not incorporated into the regime as they are not legal in Ecuador.
Changes for special taxpayers
Taxpayers will submit and pay their Income Tax, VAT, withholdings at source and ICE returns until the 11th of the respective month of expiration of each obligation, without paying attention to the ninth digit of their Single Taxpayer Registry.
The previous rule gave this period until the ninth without considering holidays or weekends.
Changes for RIMPE regime
The Organic Law for the Strengthening of the Family Economy simplifies some aspects for the RIMPE regime. Among them is the elimination of the reference cadastre. For the application of the simplified RIMPE rules, the regime that appears in the taxpayer’s RUC certificate will be considered.
In addition, companies that belong to this regime and with income of up to USD 20,000 will pay the basic fraction of USD 60 that appears in the progressive table for Entrepreneurs, in accordance with the Law.
(ecuavisa.com)
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