What people belong to the simple tax regime? - Personal Finance

What people belong to the simple tax regime? – Personal Finance – Economics

Mitchell G. Patton3 years ago

Law 1943 of 2018 established the elimination of the monotribute, which is a voluntary tax and an alternative to income tax, according to the Ministry of Finance.

In its place, the Unified tax under the simple tax regimeto which legal and natural persons may belong, as long as the legal requirements are met. This regime is modified in 2022 with Law 2277.

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According to the ‘Management’ portal, The simple tax regime is a system in which the payment of various taxes is unified to simplify compliance with tax obligations. of the taxpayers.

Said system means that the formal obligations of the subjects subject to these, they can present an annual declaration with the coverage of three different taxesinstead of doing one for each tax.

In addition, What the system intends is to facilitate the taxation process of certain taxpayerswhether natural or legal persons, whose income does not exceed 80,000 UVT -Tax Value Unit-.

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Each taxpayer chooses if he wishes to take advantage of this regime, taking into account that it must meet certain conditions required by law, namely:

“Natural or legal persons who intend to choose to benefit from the unified tax under the simple tax regime – SIMPLE and have registration in the Single Tax Registry (RUT) must do so by updating in this mechanism the responsibility as SIMPLE taxpayers until the last business day of February of the taxable year for which the option is exercised”.

Likewise, the norm notes that those who wish to register for the first time in the Single Tax Registry (RUT) and register in the SIMPLE, they can do it whenever they want. Only, when filling out the form, they must indicate their intention to benefit from this regime.

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Taxpayers who register in SIMPLE will not be subject to the ordinary regimehowever, they must remain in this regime for a full taxable year, that is, from January to December, even if they have enrolled on the last business day available to do so.Likewise, you must take into account that if you take advantage of this regime, bimonthly payments are made, so it is declared annually.