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UIT 2023: How will its increase affect small businesses?

The Ministry of Economy has approved an increase in UTII from 4,600 to 4,950 Singapore dollars by 2023. | Font: Andean

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2023 began with a change in the value of the tax unit, or UIT, which will change from S$4,600 to S$4,950, as announced by the Ministry of Economy and Finance.

But do you know what impact this increase in S/350 is having on micro and small businesses (mips) From Peru?

According to finance expert Jorge Carrillo, this increase in the cost of UIT increases the sales cap so that businesses can be considered micro or small companies (mypes).

Considering that the top sales to be considered a micro enterprise is 150 UIT, this cost rises from SGD 690,000 to SGD 742,500.

Similarly, for a business to be considered in the small business category, it must have a maximum income cap of UIT 1,700, which is currently increasing from S$7,820,000 to S$8,415,000.

Under the MYPE Tax Regime, effective since 2017, the rate Income tax it’s 10% for the first 15 UITs and 29.5% over that amount.

“So with an increase in UIT, companies operating in this mode will save about S/1024 in annual taxes,” says Carrillo.

In addition to this, with the change in UTII, the amount of fines imposed by Sunafil for labor offenses also changes.

  • 200 UIT, in case of very serious violations. Now they go from S/920,000 to S/990,000.
  • 100 UIT, in case of serious violations. This amount increases from S$460,000 to S$495,000.
  • 50 UIT, in case of minor violations. It will rise from S/230,000 to S/247,500.

The sanction imposed on violations that companies classified as micro or small companies found under the law are reduced by 50%.

Source: RPP

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