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The Minister of Finance, Ignacio Briones, clarified how the payment of taxes will work in the case of approving the second withdrawal of 10 percent, that will be voted during this day in the Senate.
The Secretary of State specified that since the Government’s project does not exempt from paying taxes when withdrawing the money, the general income tax rule will apply.
Briones said that when it is in force the law will not apply to people who have not made the first withdrawal, since this almost follows the constitutional reform of July and lasts for a year.
When asked about this issue, he replied that “of course not, because it is subject to the first constitutional amendment. You have to be respectful of what has been enacted. We are arguing that this tax, when applicable, will affect very few people. “
“To de-dramatize it, let’s put it in simple terms. A person who earns a million pesos, who withdraws a million pesos from his AFP will pay approximately three thousand pesos a month more in tax during a year, 36 thousand pesos a year “, he indicated.
“On the contrary, a person who is in the top 1 percent of income and earns more than six million pesos and who, for example, withdraws four million 300 thousand pesos, which is the maximum allowed, will have to pay one million and half pesos, that is what we are talking about, “said the minister.
