Income tax revenue exceeded expectations 2013

The director of the Internal Revenue Services (SRI), Carlos Marx Carrasco, was pleased with the balance of the 2013, since it exceeded their own expectations. The projection was to reach USD 12 300 million in revenue for the Treasury but according to its figures, it will spend $ 12 800 million.

The increase is due to the organic law of redistribution of the spending in social needs. This change was made by the Executive in order to be able to finance the increase of the Human Development Bond from USD 35 to USD 50, which was approved by the National Assembly at the end of 2012.

With the law passed several regulations  that will be seen in the tax accounts of 2014, when it starts the Declaration and payment of tax income (IR) of the fiscal year 2013.

The legal body approved that private financial institutions spend paying 15% to 25%. In addition, the formula for calculation of the advance of IR is varied. Other regulations which entered into force is that broadcasters and managers of credit cards will begin to pay a 3% tax on the taxable income of the previous year. With all this, would provide additional resources of approximately USD 200 million.

Also the tax authority will put emphasis in the collection of delinquent taxpayers and faster evacuation of litigation in the respective judicial halls. In this scenario, for example, the SRI launched a campaign of awareness among taxpayers  to be punctual in payments. Add to this the electronic notification on debts or obligations to fulfill they have.