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The Government sent the Profit reform project to Congress: what does the text say

The Government sent the Profit reform project to Congress: what does the text say

In parallel to the debate over the omnibus law, he Government finished polishing the reform project of the income tax that seeks to reimpose the fourth category so that nearly 800,000 formal workers return to pay taxes.

The text you had access to Ambit, called Tax on Personal Income, plans to modify again the Income Tax with the aim of increasing collection.

Currently, after the sanction of the tax reform in the hands of Congress last year, the bulk of the private workers and of the retired and pensioners remained exempt from payment of profits. Furthermore, it was stipulated that only the wages Those who have incomes similar to the 15 minimum, vital and mobile salaries (SMVM) are covered by the withholding.

However, with the modifications proposed by the new project, they will begin to pay Profits workers who receive gross salaries of more than $1,250,000.

Earnings with quarterly update and powers to the Executive Branch

Furthermore, the Government proposes to apply quarterly updates of the non-taxable minimumtaking into account the inflation values ​​shown by the Consumer Price Index (IPC).

On the other hand, among other points, seeks to empower the Executive Branch to increase “during the 2024 fiscal period, the planned amounts” in the articles linked to exempt income received from complementary annual salary, productivity bonus, cash failure, or concepts of a similar nature.

The project dictates that it will be exempt from payment of the tax the salary received by workers in a dependency relationship as a “productivity bonus, cash failure, or concepts of a similar nature, up to an amount equivalent to 40% of the non-taxable profit established in section a) of the article 30 of this law per fiscal year and with exclusive effect for subjects whose gross remuneration does not exceed the sum equivalent to $2,500,000 monthly, inclusive”.

The “supplementary annual salarywith exclusive effect for subjects whose remuneration and/or gross assets do not exceed the sum equivalent to $1,250,000 monthly, determined in accordance with the provisions of the last sentence of the second paragraph of subsection x) of article 26 of the tax law that is received in the calendar semester in question. “This amount must be adjusted by calendar semesters, with effects from the second semester of 2024, inclusive.”

The Profit Reform Bill

INLEG-2024-08187205-APN-PTE.pdf

Income Tax Reform Project

A few days after taking office at the Ministry of Economy, Caputo He made it clear that the Government’s intention was going to be to send a new project to Congress and presented it as a claim from the provinces due to the co-participation regime.

“We will have to see if it is reestablished. It is being negotiated. That has to go to Parliament. The expectation they have many provinces is that that is back“he said in mid-December.

According to the spending cut scheme released by the Ministry of Economy in the first days of the current government, the objective of Javier Milei’s administration is to reverse 0.4% of the deficit through the Profit reform.

painting-caputo.jpg

Source: Ambito

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