The procedure for these contributions will change next year
While retirement may seem a long way off for those not yet retired or approaching the required legal age, this perpetual benefit implies foresight. In addition to building up the required contribution period, some decide to take out a retirement plan that will allow them to save money when they retire. This investment must be declared to the Treasury and the procedure will change in 2023.
The main purpose of having a pension plan is to have extra money, in addition to the amount of the pension, after you retire, and it requires regular or specific contributions during the previous years. And one of the benefits of allocating money to the retirement plan is tax savings. The amounts contributed are deducted from the personal income tax (IRPF), so you pay less tax when you file your income tax return. Therefore, these investments must be declared to the Treasury. A procedure that entails changes for 2023.
The Ministry of Finance has approved a new decree that includes the changes with regard to the pension scheme and the tax obligation for the Tax and Customs Administration. To declare a retirement plan in 2023, it must be done through the new Model 345, a document to justify the contributions citizens pay to retirement plans, pension funds and alternative systems, social security mutuals, insured retirement plans, individual systematic savings plans, collective social security plans and dependency insurance.
Another novelty is that the new 345 model will be exclusively in electronic format and can only be presented online. To perform this procedure, you can access it with the electronic certificate or through the Cl@ve Pin system. A password will be sent to the Cl@ve Pin application, or via SMS if you have registered your phone number after adding your national ID and validity date. The deadline for submission is between January 1 and January 31 of each year, with respect to the information and operations related to the previous year.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
