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Amendments to individual income tax

Law 40 of 2013, the Tax Burden Redistribution and Adjustment Act (Ley de redistribución y ajuste de la carga contributiva), introduced various amendments to the Tax Code 2011 regarding its provisions on individual income taxation. The Law is effective for taxable years commenced after 31 December 2012.

Some of the most important amendments are listed below:

-   introduction of an additional tax on self-employed individuals deriving gross income in excess of USD 200,000 per taxable period. This tax is charged at a rate of 2% on the self-employed individual's gross income. The new tax is neither:
-   deductible for income tax purposes; nor
-   subject to payment of the estimated tax;
-   limitation on the total deduction of mortgage interest on residential property to USD 35,000;
-   the following amendment to the alternate basic tax (ABT) rates:
Amount (USD)) Rate (%)
up to   150,000 0
150,000 - 250,000 10
250,000 - 500,000 15
over   500,000 24

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