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Last July, Law 12/2022, of June 30, regulating the promotion of employment pension plans was approved, with the motivation of promoting complementary professional social security.
This rule modifies the Law governing pension plans and funds, and also introduces a series of changes, among others, to the Personal Income Tax Law.
The most relevant changes introduced by the Law to consolidate the enhancement of complementary social security in the business and professional sphere are:
- The creation of open Public Promotion Employment Pension Funds and Simplified Employment Pension Plans (PPES).
- The modification of the fiscal and financial limits of reductions for contributions to social security systems.
Increase in contribution limits and tax reduction.
From January 1, 2023, the fiscal and financial limits for contributions to social security systems will be increased by 4,250 euros, provided that this increase comes from own contributions that the individual entrepreneur or professional makes, between others, to Social Security Mutual Funds of which he is a mutual member.
This means that the mutualist who is a professional, understood as such who is registered and exercises the profession on his own account, and who makes contributions to Mupiti will be able to increase the limit of both the contribution and the reduction of the taxable base by 4,250 euros yearly In other words, the maximum amount each year will be 5,750 euros.
New Mupiti insurance: "Self-employed Complementary Social Security".-
In order to facilitate an instrument that allows self-employed members to benefit from the tax advantages of contribution and reduction in taxable base approved in Law 12/2022, Mupiti has created a new insurance called "Self-employed Complementary Social Provision ".
This new product was approved at the Extraordinary General Assembly held last October 22 and will enter into force on January 1, 2023.
The main features are summarized below:
❑ It is social security insurance as a complementary system to RETA.
❑ The regular installments of this insurance can be paid annually, semi-annually, quarterly or monthly, at the policyholder's discretion.
❑ At any time, you can make extraordinary contributions to the contract, even suspend or reactivate the payment of periodic installments.
❑ The contributions to this insurance will be reducible to the taxable base of the personal income tax with the legally established limits.
❑ The new "Self-Employed Complementary Social Security" insurance is aimed at registered professionals as technical engineers and engineering graduates.
❑ The maximum annual amount, contribution and reduction, will be the one established as the fiscal and financial limit in the LIRPF, which for the year 2023 is 5,750 euros.
❑ The insured benefits are: effective retirement, absolute permanent disability and death.
❑ All the benefits to which this insurance gives the right will have the fiscal consideration of work performance.
❑ This product guarantees a technical interest rate of 0.20% to which is added, if applicable, the participation in profits that is credited at the end of the financial year (consisting of 90% of the excess of profitability obtained on the guaranteed technical interest).