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Registration of vouchers will allow auditing to formal companies

Registration of vouchers will allow auditing to formal companies

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The Deputy Minister of Taxation, Oscar Orue, indicated that the administration does not plan to suspend or eliminate deductible expenses in the Individual Income Tax (IRP) nor the Value Added Tax (VAT), but as of January of next year, a more exhaustive control will be implemented.

1. Concerns in the Audit

One of the main criticisms of the aforementioned audit regime is the imposition of greater control over the formal sector of the economy. However, it does not punish those who operate informally nor pay the taxes indicated by the State.

2. Defective control

Additionally, it was reported that some companies charged expenses that were not deductible due to the current system, such as VAT, recently rectified in the case is discovered by the tax administration through a routine control.

In this regard, this type of operation can no longer be carried out since the system will assess whether the expense is valid or not. This registration implies the loading of all the data of each invoice, voucher by voucher.

3. Progressive implementation

Currently, there is already a group of taxpayers who have uploaded their invoices to the system since this July. However, it will not be an obligation for all VAT, Individual Income Tax, nor Simple Corporate Income Tax from January 2022.

In the case of the Individual Income Tax, the vice minister pointed out that people pay less because the rate was reduced. For example, the taxpayer pays a rate of 8% from his income of G. 50 million, 9% from more than G. 50 million to G. 150 million, and finally settled at a rate of 10% if greater than G. 150 million.

4. Non-Deductibles

In the case of the IRP taxpayer, they will no longer have the possibility to deduct everything as before due to the limitations established in the new tax law, such as real estate, vehicles, works of art, and other sumptuous assets.

On the other hand, it is indicated that deductions will be limited according to the established by law regarding VAT taxpayers, which are those expenses related to the provision of the service and not personal expenses as had been done as expenses in supermarkets.

Source: Abc 01/09/21

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