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A query is made regarding whether severance payments for the termination of temporary contracts pursuant to the Workers' Statute are exempt from Personal Income Tax. The DGT responds that it is not an exempt income and is taxed as employment income.
Question posed: The tax treatment that must be applied to said severance payment for Personal Income Tax purposes. In the event they are not exempt, the application of the 40 percent reduction in the calculation of withholdings.
The exemption of severance payments requires that the cause be the dismissal or cessation of the worker. In cases of termination due to the expiration of the agreed period or completion of the work, although a right to severance exists, it is not exempt income. These amounts are taxed as employment income. The 40 percent reduction shall be applicable if there is a generation period exceeding two years.
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