What is a CIS payment and deduction statement?

Is it necessary to declare income when receiving an inheritance?

Taxpayers with incomes below 16,825 euros will benefit from a reduction of their tax liability. This will amount to 5,565 euros per year for those earning less than 13,115 euros and an amount proportional to this figure for those earning between 13,115 and 16,825 euros, although in this fiscal year the reduction only takes effect from July 5, 2018, so the final amount will be reduced depending on a series of adjustments.

At the state level, we can no longer deduct the payment of rent if we are tenants if our contract is after January 1, 2015, but if it is prior, we can continue with the deduction of up to 10.05% of the installments as long as our income is less than 24,107.20 euros per year.

The deduction for home purchase is only maintained for those who house until December 31, 2012. In these cases they will be able to deduct up to 15% of the amounts invested with a limit of 9,040 euros.

The possibility of filing the income tax return online from any computer, and even from the cell phone, facilitates the process, but sometimes it can make us forget certain aspects that can benefit us when doing the process. For this reason, it is always advisable to consult your doubts with the Tax Agency.

What is a cis payment and deduction statement? en línea

Construction sites” are both those construction sites (residential buildings under construction, factories, offices, warehouses, shopping centers, etc.) and those construction sites where temporary structures, civil engineering works or facilities, infrastructure and other major works are built.

Before making any payment to any “subcontractor”, contractors must register with the CIS and verify that the “subcontractor” in question is also registered (thus having an identification code) in order to apply the deduction properly. The “contractor” can then either pay the “subcontractor” the gross amount (0% deduction) or make a withholding tax deduction (20% if the subcontractor is registered), which the “contractor” must pay to HMRC on a monthly basis and duly complete the relevant CIS records. Subcontractors will not be required to register, but their deductions will be at a higher rate if they are not, as the “contractor” will be required to make a flat tax deduction of 30% of the payment of any payment for the provision of services. The following activities will not be included in the regulation:

What is a cis payment and deduction statement? del momento

That Article 1 of Law No. 6380/2019, provides that IRE taxpayers shall pay said tax when they obtain income, benefits or profits of Paraguayan source that come from all types of economic, primary, secondary and tertiary activities, including agricultural, commercial, industrial or service activities, excluding income taxed by the 1RP; as well as income generated by the assets, rights, obligations, acts of disposition thereof and any increase in the taxpayer’s net worth.

That Article 2 of the above mentioned Law states who will be taxpayers and Articles 3 and 4 establish specifics with respect to two of them in particular. Likewise, the Law establishes the moment when the obligation arises and other rules for the correct liquidation and payment of the tax by the affected taxpayers.

That due to the enactment of Law No. 6380/2019, it is necessary to regulate the provisions related to the IRE, in order to achieve a better management in the collection and control of the tax by the Tax Administration, with the purpose of achieving a correct interpretation of the legislation in force That the Treasury Counsel of the Ministry of Finance has issued a favorable opinion under the terms of Opinion No. 1754/2019.

What is a cis payment and deduction statement? online

At the gates of 2.020 is the time to plan to optimize our income tax return, making the most of the tax advantages available and save with these 10 tips offered by the Union of Technicians of the Ministry of Finance:

If you have sold your house in 2019, the profits obtained will be taxed in the next Income Tax Return, depending on their amount between 19% and 23%.    This amount can be neutralized by reinvesting all or part of the amount in another habitual residence.

Investing in the stock market can bring both losses and profits. That is why now is a good time to make accounts and compensate the losses generated by an investment fund, shares or financial derivatives with other capital gains obtained. It is important to know that the same or similar securities cannot be acquired in the two months following the sale.

Therefore, if you foresee that your net income from work will be below the minimum required to file a tax return, you should make sure that there is no other type of income, including capital gains from the sale of shares or income from the rental of real estate, which would force you to file a tax return with the possible associated cost.