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The proposal that Xóchitl Gálvez said in the second presidential debate of exempt from taxes to people who earn less than 15 thousand pesos per month “It is not impossible,” although it represents a fiscal sacrifice that must be compensated in some way, said the Mexican Institute of Public Accountants (IMCP).
Rolando Silva, fiscal vice president of the group, explained that a person who earns 10 thousand pesos a month pay 834 pesos Income Tax (ISR), an amount that would mean additional income in case the tax is exempt. Year, Your tax savings would be around 10 thousand pesos.
How much does a person who earns 15 thousand pesos a month pay in taxes?
A worker with a salary of 15 thousand pesos pays 1,763 pesos of ISR per month, money that would strengthen your family income if your salary were exempt. After one year, his savings from the tax exemption would be 21 thousand 154 pesos.
Fernando Valdovinos, director of Fixat, commented that the proposal of Xóchitl Gálvez It’s interesting and it would mean a great boost to employment and productive activity.
Likewise, it would resolve a concern that currently exists in the union of accountants and businessmen, about Whether or not to withhold from an employee who earns the minimum wage 2024.
Valdovinos added that with the strong increases in the minimum wage during the administration of President Andrés Manuel López Obrador, the employment subsidy table has already been surpassed. By contrast, the ISR table It suggests that anyone who receives a minimum wage should have a withholding made.
“But article 96 of the ISR Law establishes: No withholding will be made to people who only earn a general minimum wage corresponding to the taxpayer’s geographic area in the month,” he emphasized.
“The law is very clear and states that the retention will not be made,” stressed Valdovinos.
Accountants warn: Xóchitl needs to specify details of its tax forgiveness proposal
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An exemption of up to 15 thousand pesos of monthly income would clear up any doubt, since the proposal of the candidate of the alliance ‘Fuerza y Corazón por México’ would exempt from the payment of ISR to those who earn up to 1.98 minimum wages.
Diana Bernal, former president of Prodecon, expressed that “finally in the 2024 presidential debate a serious proposal is being heard, which groups of prosecutors have been asking for for some time: exempt from taxes to all those who earn up to 15 thousand pesos a month in income.”
On her social networks, the tax specialist pointed out that exempting people with an income of less than 15 thousand pesos would be respecting the vital minimum and supporting the income of those who work, produce and pay taxes.
Rolando Silva commented that the proposal needs to be detailed, since It should be clarified whether the exemption will benefit natural persons with business activity either only to natural persons to whom salaries and wages are withheld.
How much money does the SAT receive for ISR in Mexico?
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SAT statistics show that 2,614 million pesos of ISR of natural persons to whom salaries and wages are withheld, whose Annual income is in a range of 0 to 250 thousand pesos. An employee who earns 15 thousand per month would receive 195 thousand pesos per year, considering that he would receive at least 15 days of bonus.
Silva Briceño warned that an exemption from ISR implies a problem for the employer: You could not deduct 100 percent of your salary from taxesonly 47 or 53 percent.
“So a technically more appropriate solution would be to update the employment subsidy table, although if you want you can call it something else, since by subsidizing the ISR the income of up to 15 thousand pesos per month, the employer could deduct the that pays the employee and would mean a fiscal stimulus to the productive sector,” stressed the IMCP specialist.
Furthermore, to update the employment subsidy table, only a presidential decree is required; it is not necessary to modify the ISR Law, he added.
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