School expenses to be deductible
Varella sanctioned a new law allowing school expenses to be deducted from income tax starting January 2019.
All parents who have children in private schools and universities will benefit from an annual income tax deductions of up to $ 3,600 for each dependent. This law was published this Wednesday in the Official Gazette.
Line item no. 9 to article 709 of the Fiscal Code rules that school expenses incurred with respect to a minor dependent, will include: tuition and school fees, supplies, uniforms and school transportation for students at the primary, secondary and middle school lels will be deductible.
Expenses for higher education levels will be deductible for dependents of legal age who are still under their tutelage when regarding the payment of tuition and credit hours. This benefit will be also extended to taxpayers who pay for their own studies.
The legislation also states that parents whose children have a level of disability which reduces mobility but does not prevent them from being included in a regular classroom within an educational or university center will be entitled to the deduction of all the aforementioned expenses .
The initiative was presented in January 2016 by deputies Juan Carlos Arango of the Popular Party; Héctor Valdés Carrasquilla of Cambio Democrático (CD) and Samir Gozaine of the Partido Revolucionario Democrático (PRD).