Companies and entrepreneurs will once again face this process under the tax regime that corresponds to them, within the four current options according to current regulations.
The Operation Income Tax process has begun and tax modernization has brought about some changes, including the incorporation of new regimes. Thus, the current alternatives are: General Pro SME, Transparent Pro SME, Presumptive Income, and Semi Integrated. Addval Tax, an expert consultancy in these matters, provides some tips to tackle this procedure.
Erick Kessler, Tax Manager at Addval Tax, explains that a good tax declaration is fundamental to laying the foundations for company growth. “A declaration with errors or inconsistencies risks significant fines that can affect the development of an SME in its expansion plan,” he points out.
Given the above and to address this process correctly, the expert from Addval provided three recommendations, primarily for those taxpayers operating under the Pro SME regime, aiming for a successful process.
Take advantage of the tools offered by the Internal Revenue Service (SII)
The novelty for this process is that the SII has enabled a system of virtual assistants to support those who must declare under the General Pro SME and Transparent Pro SME tax regimes.
This assistance system involves providing certain information, through which the agency offers a personalized proposal that allows for the automatic completion of sworn declarations 1947 and 1948. This is a measure that facilitates compliance through process automation.
Review the tax regime to which you are adhered
It is important to verify that your tax regime – in this case Pro SME – remains appropriate. Specifically, the company must ensure that its annual income falls within the established margins to comply with current regulations and remain in said tax regime.
If income limits are exceeded, the corporation must pay taxes under a different regime, which ultimately implies an increase in taxes to be paid. Complying with Pro SME quotas results in tax rates of up to 10%, whereas under a General Income regime, this value can rise to 27%.
For any doubts, the SII provides information on the corresponding tax regime based on each company’s background.
Verify which sworn declarations you are required to submit
The advice is to review all mandatory sworn declarations for this year and verify which ones you need to submit. Along these lines, also review and stay attentive to the calendar of deadlines and cutoff dates to stay up to date.
Attention entrepreneurs: 3 keys to avoid inconsistencies during Operation Income Tax 2022
