dinero_admin Filing your income tax return is no longer a complicated task, and the numbers prove it. Currently, 90% of the population has filed their income tax return, according to Marvin Sorto, Director General of Internal Revenue at the Ministry of Finance. The official emphasized that this achievement is the result of the institution’s daily monitoring and the technological advances implemented in the process.
In previous years, the lack of digital tools made the process difficult, and many taxpayers did not realize the benefits of using technology. Today, the process is completely online, eliminating the need to fill out physical forms and streamlining response times, Sorto explained.
Anyone with a monthly income equal to or greater than US$472.01 is subject to withholding and must comply with this tax obligation. Sorto emphasized that filing should not be seen solely as a duty, as it can become a benefit for those who correctly file their documentation.
The Director emphasized that permanent employees have recalculations that allow for accurate withholdings, while service providers who file their tax returns can access refunds for withheld balances. Furthermore, having the last two tax returns is an essential requirement to apply for bank financing.
Sorto also warned about bank cut-off times, noting that although the Ministry of Finance’s system will be open until 11:59 p.m., some institutions close their records at 10:00 p.m., so he asked taxpayers to take precautions to avoid payment delays.
He also emphasized that extended business hours have been established, operating monday through friday until 5:00 p.m. and on saturday, april 26, from 7:30 a.m. to noon. 17 express service centers will be open offering free advice. On april 30th, the last day to file, offices will be open until midnight to assist latecomers.
An estimated 836,000 returns will need to be filed, representing more than US$635 million in tax obligations. As a new feature, VAT filers will find their costs and expenses pre-populated in the system. However, Sorto recommended carefully reviewing this information and adding only data supported by the appropriate documentation to avoid errors.
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