The payment of taxes has been a headache for some of the country’s taxpayers who have to carry out this procedure before the Tax Administration Service (SAT), however, it is a fiscal obligation that cannot be missed.
In Mexico, , and it is precisely this category of natural persons who are within the salaried regime and pay taxes. But did you know that there is tax-exempt income?
This item is regulated by Chapter I in its article 94 that indicates the income for the provision of a subordinate personal service, wages and other benefits derived from an employment relationship.
What income is exempt from tax?
Exempt income is that received by the worker, and which, according to its tax treatment, has the right not to tax it, according to information from Cofide.
1. Bonus: The bonus that workers receive from their employers, during a year of work. The daily value of the UMA (Unit of Measurement and Update) raised to 30 days will be exempt.
2. Extraordinary time. According to the , workers who receive the minimum wage will be exempted from the allowed overtime, which is three hours a day without exceeding nine a week.
For other workers, up to 50% of earnings and without this exemption exceeding 5 UMAS for each week of services.
3. Vacation bonus. It is exempt up to the equivalent of 15 UMAS, when said benefit is granted in a general way.
4. Sunday premium. Up to 1 UMA is exempt for each Sunday that is worked.
5. Employee profit sharing (PTU). It is exempt when said benefit is granted in a general way, up to 15 UMAS.
6. Reimbursement of medical, dental, hospital expenses and assistance with funeral expenses. As long as it is a reimbursement and it is granted in a general way, in accordance with the laws or employment contracts. 1 UMA raised per year.
7. Per diem and travel expenses. When they are actually spent in the employer’s service and third-party documentation proves that they meet the deductibility requirements.
8. Savings fund. When it is established by the companies and is granted in a general way.
9. Workers’ social security fee paid by employers.
10. Insurance for major medical expenses. As long as it is a refund and it is granted in a general way, it is considered exempt.
Do bonds pay taxes in Mexico?
11. No, food vouchers, disability benefits, educational scholarships for workers or their children, daycare centers, cultural and sports activities are exempt.
They must be granted in a general way in accordance with the laws, employment contract or collective agreement and will be totally exempt when the sum of the salaries and these benefits do not exceed the equivalent of 7 UMAS raised per year.
12. Retirements, pensions, retirement assets, life pensions or other forms of retirement. The daily amount that does not exceed 15 times the value of the UMA, even if two or more pensions or retirement benefits are received.
13. Payments for retirement (includes seniority premium and liquidation) They will be exempt up to 90 times the value of the UMA for each year of service or contribution in the case of the retirement insurance subaccount.
14. Life insurance whose premium is paid by the employer. When the premium has been paid directly by the employer in favor of its workers.