The Federal Public Revenue Administration has updated the new values for personal deductions (non-taxable minimum, special deduction and family expenses) and the income ranges of the rates used to calculate the Income Tax withholding.
Now the values are the following:
- 1.For the non-taxable profits up to $66.917,91 annually.
- 2.By the spouse $62.385,20 annually.
- 3.For each child, daughter, stepson or stepdaughter under 18 years of age or incapacitated for work $31.461,09 annually.
- 4.For the special deduction 4th category, up to the sum of $66.917,91.
With these new values, employees will pay less income tax on the salaries they receive from the first day of January.
The updates of the values are contemplated in the Income Tax Law, in its articles 23 and 90, where a update specific parameter through the annual coefficient of variation of the Average Taxable Remuneration of Stable Workers (RIPTE).
For the value updates the RIPTE index was used October of the 2017.
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