By avoiding paying taxes, the citizen is contributing to the public deficit which refers to the fiscal deficit of the set of public administrations of a state. These administrations have the responsibility of making an annual budget of the income and expenses to come, the public deficit originates when the State does not have sufficient economic capacity to cover all the required expenses.
We are close to the beginning of the year 2020 and we do not want you to have any doubts about the different taxes that exist in the state and that will affect us throughout the year. For this reason, in this post we are going to talk about the most important taxes at the national and municipal level of 2020, as well as at what time of the year they must be paid. Using the tax return calculator you can come up with the best results.
What taxes will have to be paid in 2020?
Types of taxes in the state
In the state we can differentiate taxes geographically, the national tax will affect absolutely all natural and legal persons residing in the country (VAT, income tax), on the other hand, municipal taxes are determined by each department in question (surcharge gasoline, vehicle tax ).
There are also both direct and indirect taxes, the former affect the income, income and wealth of natural or legal persons, while the indirect ones fall on the sale of goods, provision of services, imports, consumption and production. The indirect ones are not related to the taxpayer’s ability to pay, while the direct ones are taxed directly to people with income or wealth.
Most important taxes in the state throughout 2020
In this section of the post we are going to talk about the most important taxes that must be taken into account within the tax regime.
Income tax
Income tax generally levies 25% on profits that are ordinarily given in the company, but there are cases in which the percentage levied varies. Industrial users and free zone operators tax 15% and foreign companies without a branch or permanent establishment in the state 33%.
Occasional income taxes
Occasional income tax levies 10% on different earnings, such as lotteries, inheritances or disposal of fixed assets.
Income Tax for Equity (CREE)
This tax is carried out by legal entities for the benefit of social investment, job creation and benefit of workers. The fee is 9%. From January 1, 2015 and until 2018, a CREE surcharge may be applied, which will increase every year from 5% to 9%, and disappear in 2019.
Value added tax (VAT)
VAT is levied on the importation of goods, the sale and the provision of services. The general rate is 16% and the special rates are 0% and 5%.
Consumption tax
This indirect tax is levied on 4 sectors: telecommunications, vehicles, food and beverages.
