The arrival of this 2022 has brought some changes that you need to know about because they affect you directly. We refer to the legal aspect because the Tax Administration Service (SAT) authorized a change in the tax miscellany. With this in mind, for the first time a legal obligation is added for retired doctors with which they must comply. This is the payment of Income Tax (ISR) although there are some cases that are exempt from payment.
On this topic, today was published a statement in which the following is reported. Retirement income, pensions, retirement assets, as well as life pensions or other forms of retirement from the retirement insurance subaccount or from the retirement subaccount, severance at advanced age and old age, provided for in the Social Security Law or those from the individual account of the retirement savings system provided for in the ISSSTE Law, are exempt from income tax (ISR) up to an amount of 1,443.3 pesos per day or 43,299 pesos per month for the period 2022.
This exemption applies to all income, regardless of whether it is paid by two or more employers.
The requirement to avoid this payment
In other words, retired doctors are exempt from paying ISR if they receive less than 43,299 pesos per month. While if your deposit is higher then you must comply with this new tax obligation.
Likewise, the income received for retirement or pensions, among others, in a single exhibition, will be exempt from ISR up to an amount of three million 159 thousand 097.20 pesos. If there is a surplus, the respective tax must be paid, this also applies for 2022.
For taxpayers whose retirement or pension income does not exceed 43 thousand pesos per month, the SAT informs them that they are exempt from paying ISR. The Government of Mexico has not proposed any tax increase in this regard. pic.twitter.com/JOTcTpBrny
— SATMX (@SATMX) February 1, 2022
In the event that the pensions are greater than said amount, ISR is covered only for the amount that exceeds what is allowed. For example, if you receive an income for these concepts of 50 thousand pesos per month, in principle it is exempt for 43, 299 pesos per month; ISR will only be paid for 6,701 pesos.
On the other hand, regardless of whether you are one of the retirees exempt from paying ISR, remember that you can use the relevant personal deductions.
What are personal deductions?
These are the expenses that as a taxpayer you have the right to reduce from your cumulative income in the Annual Declaration for the year.
According to what was published on the official page of the SAT there are two items within which you can make personal deductions and are the following:
Health
- Medical, dental and professional fees in psychology and nutrition. *
- They are deductible if they are provided by people with a professional title legally issued and registered by the competent educational authorities.
- Hospital expenses and medicines included in hospital bills. *
- Pharmacy receipts do not come.
- Fees to nurses. *
- Analysis, clinical studies. *
- Purchase or rental of equipment for the recovery or rehabilitation of the patient. *
- Prosthesis. *
- Purchase of prescription optical lenses to correct visual effects. *
- Premiums for medical expenses insurance, complementary or independent of health services provided by public social security institutions.
- These health expenses will be deductible when they have been incurred for you, your spouse or partner, your parents, grandparents, children and grandchildren.
Education
- Tuition fees in private educational institutions with official validity of studies. From preschool to high school or equivalent, for the following amounts (annual deduction limit): *
– Preschool: 14,200 pesos.
– Primary: 12,900 pesos.
– Secondary: 19,900 pesos.
– Technical professional: 17,100 pesos.
– Baccalaureate or its equivalent: 24,500 pesos. To make this benefit effective, you must have the corresponding proof of payment.
When you make payments in the same fiscal year, for the same person, for teaching services corresponding to two educational levels, the annual deduction limit that you can reduce is the one that corresponds to the greater amount of the two levels, regardless of whether it is the level that finished or the one that started. - Registration or re-registration fees cannot be deducted.
School transportation, only if it is mandatory. *
* The payment of these expenses must be made by means of a nominative check from the taxpayer, electronic transfer of funds, credit card, debit card or service card. The deduction does not apply if the payment was made in cash. You can obtain a credit balance if you present your deductions in your Annual Declaration. The total amount of personal deductions (except medical expenses for disability and disability, donations, voluntary contributions and contributions retirement benefits, as well as tax incentives) may not exceed five Units of Measurement and Updating (UMA) per year or 15% of your total income, including exempt income, whichever is less. For more information, consult the applicable tax provisions to the regime that corresponds to you, where you can specifically check the legal systems of your activity.