Amends Decree-Law No. 824, 1974, Lowering Tax Income That Affects Natural Persons

Original Language Title: MODIFICA DECRETO LEY Nº 824, DE 1974, REBAJANDO EL IMPUESTO A LA RENTA QUE AFECTA A LAS PERSONAS NATURALES

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"Sole article.-Introducense the following amendments to the income tax Act, contained in the article 1º of Decree Law No. 824, 1974: 1-replace, in the first part of the subparagraph first of article 20 and paragraph final of the 4th number-Article 74 °, the percentage"15% "by"17% ";"

2.-in first paragraph article 43 number 1-: to) be replaced with the number "10" "13.5", both times appearing;
((b) replace "32%" "35%" percentage, and replace the comma (,) and the conjunction "and" is followed, by a semicolon (;), and c) the expression "on the part that exceeds 120 monthly tax units, 45%.", be replaced by the following: "on the part that exceeds 120 and not more than 150 monthly tax units, 37%, and" and "the part that exceeds the 150 monthly tax units 40%. "."

3 repealed article 44.

4.-in article 52: to) be replaced with the number "10" "13.5", both times appearing;
((b) replace "32%" "35%" percentage, and replace the comma (,) and the conjunction "and" is followed, by a semicolon (;), and c) the expression "on the part that exceeds 120 annual tax units, 45%.", be replaced by the following: "on the part that exceeds 120 and not more than 150 annual tax units, 37%, and" and "the part that exceeds the 150 annual tax units 40%. "."

5. merge the following article 55 bis.

"Article 55 ° bis.-taxpayers people natural, encumbered with this tax or that provided for in article 43 No. 1, will reduce annual taxable gross income interest actually paid during the calendar year corresponding to the income, accrued credits with mortgages that have been destined to acquire or build one or more dwellings, or in similar loans to pay the designated credits."
For these purposes it is understood as maximum deductible interest by taxpayer, lower among 8 units per year tax amount and the interest actually paid. The rebate will be the total of the interest deductible in the case in which annual gross income is less than the equivalent of 90 annual tax units, and not to proceed in the case that this is greater than 150 annual tax units. Where such income is equal to or greater than 90 tax units per year and not exceeding 150 annual tax units, the amount of the interest to lower shall be determined by multiplying the deductible interest in the outcome, to be considered as a percentage, of the subtraction between 250 and the amount resulting from multiplying the 1,667 factor by annual gross income of the taxpayer expressed as annual tax units.
This rebate may be made effective only by a taxpayer natural person by each property acquired with a credit mortgage. In the case that were acquired in the community and there is more than one debtor, should be recorded in the respective public deed, the identification of the comunero who may avail of the discount that has this article.
For the purposes of the application of the provisions of this article, taxable persons with the tax established in no. 1 of article 43 °, must carry out an annual reassessment of taxes withheld during the year, by deducting from the total of your taxable income, successful amounts according to the first paragraph. To the reliquidar they shall apply the scale of fees that will result in annual values, according to the tax unit of the month of December and loans and other elements of the tax calculation.
For the implementation of the provisions of the preceding paragraph, taxable income will reset in accordance with provisions in the penultimate paragraph of article 54 and the taxes withheld according to article 75 °. For these purposes and complementary Global tax, shall apply to the deductible interests the adjustability established in the final paragraph of article 55 °.
The amount to be refunded resulting from the reassessment referred to in the two preceding subparagraphs, reset in the form provided for in article 97 ° and will be returned by the service of treasuries, in the term that designates that provision.
The qualifying entities should provide both the internal revenue service and the taxpayer, information related to the credits referred to in this article, by the media, form and time limits determined by the service."
6.-repeal of number 1) of article 56.