For the majority of the economically active population, the season to present the annual declaration has arrived: April.
However, due to Miscellaneous Tax Resolution 2022, there are small changes related to retired workers that should be taken into account.
Since, as is well known, those retirees who have income from 2 or more pensions will have the responsibility to present their annual declaration, in accordance with rule 3.11.10 of the 2015 Miscellaneous Tax Resolution.
Similarly, the SAT informs that retirement or pension income is exempt from income tax as long as it does not exceed 43 thousand pesos per month (15 UMAs).
The Tax Administration Service (SAT) informs that the income from retirement, pensions, retirement assets, as well as life pensions or other forms of withdrawal from the retirement insurance subaccount or from the retirement subaccount, unemployment in advanced age and old age, provided for in the Social Security Law or those from the individual account of the retirement savings system provided for in the ISSSTE Law, are exempt from Income Tax (ISR) up to an amount of 1 thousand 443.3 pesos daily or up to 43 thousand 299 pesos per month, for fiscal year 2021.
This exemption applies to all income, regardless of whether it is paid by two or more employers.
That is, if you receive more than $43,299 (per month in 2021) pesos, you will pay income tax for the excess income.
Due to the above pensioned taxpayer, we invite you to review your current status with your trusted accountant to avoid breaches of your responsibilities that could impact fines and surcharges. For our part, in the Despacho Contable de Xalapa we are at your service to serve you especially in this period of annual declaration.