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A worker inquires whether the severance pay received upon the termination of their employment relationship following an incentivized leave of absence is exempt. The DGT responds that, as it is by mutual agreement, the exemption does not apply, but the reduction for irregular income does apply if imputed to a single period.
Question posed: Taxation under Personal Income Tax of the severance pay for termination of the employment relationship received by the inquirer.
The termination of the employment relationship by mutual agreement in an incentivized leave of absence does not allow for the application of the exemption under Article 7 e) of the LIRPF. However, these amounts are considered income obtained in a notoriously irregular manner over time. Therefore, if imputed to a single tax period, the limits and the 30 percent reduction provided for in Article 18.2 of the LIRPF may be applied.
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