The measure was taken to prevent the nominal increases that some salaries will have between now and the end of the year as a result of the last installments of 2023 of joint negotiations from implying for those workers to start paying or paying more of that tax.
The new decree that will be published in the next few hours, the measure will increase that special deduction for the salary bracket of $330,000 and up to $431,988 in order to “maintain a better progressivity and avoid jumps in the scales”, they reported from Economy. This allows 380,000 workers not to pay the tax in the months of November and December.
Income Tax: who does it reach?
Of the 380,000 people benefited, about 45% live in the Province of Buenos Aires, followed by the City of Buenos Aires (12%), Córdoba (8%), Santa Fe (7%) and Mendoza (3.5 percent). hundred).
Analyzed by sectors, those that will have the largest number of workers who will be left out of the tax are the manufacturing industry (just over 53,000 employees), transport services (almost 40,000), commerce (31,700), financial intermediation (14,300) and construction ( little more than 8 thousand people).
How the Income Tax is calculated
Income tax takes the lower of the two values -last salary and average salary- to establish the tax base from which the tax is calculated and the rest of the deductions begin to be applied.
The keys, in addition to the usual deductions such as dependent children and marital status, are in the gross salary and the average gross salary received in the year.
For the payment of income tax, the following must be taken into account:
- The non-taxable minimum, which since last June has been set at $280,792 per month.
Income Tax Calculator: the keys
- The deductions help the employees covered by the income tax to pay expenses.
- There are three types of deductions provided in the calculation of how much you have to pay:
- the mandatory ones (retirement, social work and PAMI)
- personal (spouse, children, dependants)
- and those allowed
This last group considers the possibility of producing important savings in the payment of this tax.
According to the legislation, it is allowed to deduct some concepts, such as obligatory contributions to the retirement systems and social works and, with certain limits: life insurance premiums, burial expenses, quotas or subscriptions to medical coverage institutions, the expenses for health, medical and paramedical assistance and interest on mortgage loans for the purchase or construction of new or used real estate destined for homes”.
The payment of Income Tax, which is usually settled annually, while there is the possibility of making monthly payments on this concept. For employees and people who perform personal work, its payment is the responsibility of your Withholding Agent.
Source: Ambito
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