Summary of ISR Personas Morales (¿Como se calcula?)

00:00:00 - 00:20:00

The video discusses how to calculate an individual's income tax in Spain. It explains that the amount of tax owed is calculated by subtracting the amount already paid in provisional payments from the individual's annual income. The video also discusses how an individual's income tax may change in the event of a business closing or a pandemic.

• 00:00:00 This video discusses how to calculate an individual's federal, state, and municipal income taxes. First, the video covers the general concept of income tax, which is the object of the law. Next, the video covers who is subject to income tax in Mexico, and discusses the principle of residency for tax purposes. Finally, the video covers how to calculate taxes paid to Mexico.
• 00:05:00 This video discusses the concept of "personas morales." Persons who are legally recognized as such in a country (through a permanent establishment, income, or capital presence) are considered to have income subject to taxation in that country, even if they do not have a physical or legal presence there. This is one of the conditions for being responsible for paying income tax in Mexico. Additionally, non-resident foreigners who generate income in Mexico (through salary, business income, etc.) are also responsible for paying income tax there. Finally, there are various scenarios in which a foreigner may generate income in Mexico, and all of these generate income subject to taxation.
• 00:10:00 The video discusses how to calculate an individual's income tax. Moral includes income from occasional sales of fixed assets, such as a car. This income can also generate an income when the car is sold. Finally, the video discusses how to calculate income tax proportional to one's income capacity. This is done by subtracting allowable deductions from income. The video also discusses how to calculate an individual's taxable income by subtracting allowable deductions from total income.
• 00:15:00 The video discusses the calculation of an individual's income tax, and how it relates to an individual's taxable income and deductions. It also discusses how an individual's income tax may change in the event of a business closing or a pandemic.
• 00:20:00 This video covers how to calculate personal income tax (PIT) in Spain. It explains that, once you know your annual income, you'll subtract the amount you already paid during the 12 provisional payments you made in relation to this annual tax. Once you have the comparison between your income tax and provisional payments, you'll get either an income tax to pay on your annual declaration or a balance due when you file your income tax return. Very simple: when provisional payments made during the year were greater than your annual income tax, now tax accountant and this is possible if you explain to people who are corporations that because of the way provisional payments are based on prior year's income and a utilization factor calculated based on past year's profits, the taxpayer is not actually paying provisional payments in relation to past year's utilization. This will only be reflected until the next fiscal year, that is, until the next annual declaration is filed. There are a number of rules that we'll be seeing in subsequent chapters, including the requirements to make deductible expenses, investments, purchases of income, and which are limited to the few income items that are not accumulated for corporate taxpayers. We'll also make a chapter on general provisions later, but for now let's start with personal income tax (PIT