The beneficiaries of this benefit have rights, but also obligations with the tax authorities
Social Security has sent a reminder to all people who have had the Minimum Vital Income in 2021: If you were a recipient of this benefit, you must submit the Income Statement this year.
The income statement campaign began on April 6. From that day, and until June 30, taxpayers can file with the Treasury the personal income tax corresponding to the 2021 tax year.
The Minimum Vital Income is a benefit aimed at preventing the risk of poverty and social exclusion of people who live alone or are integrated into a community unit and who do not have basic economic resources to meet their basic needs. This aims to ensure a real improvement in the social and labor integration opportunities of the beneficiaries, as well as a minimum income for those who are in economic vulnerability.
If you were a beneficiary of the IMV in the past year, you must submit the income tax return. In addition, all members of the cohabitation must also submit this, regardless of the level of their income. As stated by Social Security, “Minimum Vital Income is an exempt income and the vast majority of beneficiaries will not have to include it in their tax return, but they will have to provide a statement.”
Yes, the amounts above 11,862.90 euros (1.5 times the Public Income Indicator for Multiple Effects, IPREM) must be declared as income from work. In the event that other support is received together with the IMV for groups at risk of social exclusion, such as the minimum income for integration, guaranteed income and similar support from autonomous communities and municipal authorities, only this more needs to be declared and taxed.
For example, someone who in 2021 receives a benefit of 2,280.85 euros for the IMV, 7,567.40 euros for the minimum income income, 2,800 euros for other assistance and 1,200 euros for other assistance, exceeds the exempt limit of 11,862.90 euros. Therefore, 1,985.35 euros, corresponding to the difference between the exempt amount and the income received in 2021, is automatically included in the full income from personal employment.
In the vast majority of cases, there will be no income to withdraw or the fee will be zero, that is, neither to enter nor to return. If no other income has been obtained, the return boxes appear with a zero amount.
It should be recalled that this benefit in itself does not entitle the holder to the maternity allowance or to the allowance for large families or dependents with disabilities.
Social Security warns that with the entry into force of the new regulations, some obligations remain, while others have changed. These are the most striking novelties:
-In the case of the obligation to declare, the payment will be suspended if the personal income tax declaration obligation is violated during two successive tax years.
-The obligation to prove registration as a jobseeker will lapse.
The remaining obligations to continue receiving it are:
– Notify the person entitled to benefits or one of the members of the cohabitation of a change of address.
-Notifying the death of a member of the cohabitation unit.
-Inform any travel of more than 90 days abroad of a member of the coexistence unit.
Present the ID of all members of the family, including children under the age of 14.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
