1200 retirees will have to pay the income tax according to the new Tax Reform

The latest tax reform which is being processed at the Assembly as an urgent measure, provides for the mandatory payment of income tax for retirees who register higher income.

Director of the Internal Revenue Service (SRI) Leonardo Orlando said on Friday April 1, 2016, at a press conference, that only retirees who register higher income than USD 3,072 monthly will have to pay the income tax.

This, not only taking into account their pensions but also additional income from activities as academic activities, free exercise of the profession or even leases.

According to Orlando, the contributors to the IESS for more than 40 years have a free strip of USD 11,170 for the payment of this tax. But older adults have an additional surplus strip of additional USD 11,170.

Source: http://www.elcomercio.com/actualidad/jubilados-pagaran-impuesto-renta-iess.html