Taxpayers who carry out profitable activities or businesses have until Friday to make the second partial payment of Income Tax (ISR). If you do not cancel on time, you are exposed to interests.
The partial payment is an advance of the ISR that must be settled at the end of the year together with the declaration of the tax. All the natural or legal persons who perform lucrative activities or have businesses obliged to pay this tax, as well as freelance professionals.
The partial payments are three advances of the income tax and are already scheduled. The first payment is made in March, the second in June and the third in September of each year,”
said Luis Javier Porras, vice president of the Association of Public Accountants.
For example, if a taxpayer paid ¢10,000 in 2016, it is determined that the quarterly partial payments for the period 2017 constitute 25% of that amount, i.e. each payment will be ¢2,500. When you file your income tax return in December 2017, you determine an ISR payable of ¢12,000 and, since you had already made three partial payments totaling ¢7,500, you must pay the tax difference of ¢4,500.
In case the three partial payments exceed the amount of the Income Tax to be settled at the end of the year, the taxpayer may apply that balance to the first advance of the tax for the following period.