They are extending the deadline for taxpayers to complete

The General Administration of Revenue (DGI) extended until January 5 the deadline for taxpayers to settle their tax obligations for the year 2023.

According to Director General of Revenue (DGI), Publio De Gracia, The “Catch Up” Act has had a positive impact, raising nearly $121 million as of last reported, surpassing its estimated goal of $100 million.

Despite the difficulties in October and November, taxpayers took advantage of this law, De Gracia said. “Catch Up” law that waives 100% interest, late fees and fines.

De Gracia reminded that the last quarter related to the payment of real estate taxes, which refers to tax obligations on houses, apartments and farms and the estimated income tax that most legal entities must pay, is also expiring.

He pointed out that the biggest wrongdoings in DGI, around 67 percent, are with flat rates and real estate taxes.

In the case of property and flat rate taxes, through the progression of its tax liabilities with a 25% benefit expiring on November 30, 2023, DIG collected $55 million to $60 million.

The director reported that they have received requests to extend the law, but clarified that this is currently not allowed by current regulations. However, he indicated that they are evaluating possible mechanisms so that taxpayers can continue to benefit from DGI’s “Catch up” law.

The official clarified that the strategy of accelerating tax payment is not intended to influence the collection in 2024, but to encourage the payment of tax obligations.

“The strategy of providing relief to those taxpayers in progress seeks to encourage tax compliance,” said De Gracia.

From January, in the first months of the year, taxpayers who pay the entire real estate tax for each quarter will have a discount of 15 percent.