Just over 112,000 of these are located in the province of Buenos Aires, another 31,000 in the Autonomous City of Buenos Aires and close to 40,000 are distributed between the provinces of Córdoba and Santa Fe.
The National Government formalized the rise of the floor of the Income Tax. through the Decree 267/2022 published this Thursday in the Official bulletinthe Ministry of Economy established that for the fiscal period 2023, the amount of remuneration and/or gross assets in $506,230 per month, inclusive.
New non-taxable minimum of Income Tax
Thus, below this threshold, no tax withholding will apply and 250,000 workers will benefit. Just over 112,000 of these are located in the province of Buenos Aires, another 31,000 in the Autonomous City of Buenos Aires and close to 40,000 are distributed between the provinces of Córdoba and Santa Fe.
“In the case of the income mentioned in subparagraphs a), b) and c) of article 82 of the Income Tax Law, text ordered in 2019 and its amendments, and with exclusive effect for subjects whose remuneration and/or having gross income does not exceed the amount equivalent to $506,230 per month, inclusive, they must add to the deduction of section 2 of subparagraph c) of article 30 of the aforementioned legal norm an amount equivalent to that arising from subtracting from the net profit the deductions of subparagraphs a), b) and c) of the aforementioned article 30, in such a way that it will be equal to the amount that -once computed- determines that the net profit subject to tax is equal to (zero) 0″, reads article 2 of the decree published this morning.
It is also clarified that in the months in which the gross remuneration for the month exceeds $506,230 and is less than or equal to $583,851, the withholding agents will compute an increased special deduction. The AFIP will be in charge of establishing the pertinent additional deductible amount, indicates the text with the modifications that was signed by the president Alberto Fernandezthe chief of staff Augustine Rossi and the Minister of Economy, Sergio Massa.
In the recitals, the Government indicated that the update of the amount of the Profit floor is for “prevent that the tax burden neutralizes the benefits derived from the salary policy”.
The increase in the floor is due to the variation of the RIPTE, the index that measures the evolution of registered salaries, between the month of October 2022 and the month of February 2023 (last data published) which was 25.29%. The national Executive Branch has the power to increase the “floor” of the income tax.
Source: Ambito
