Guillermo Francos, the Minister of the Interior anticipated that Profits will not be included in the Omnibus Law and warned again that a retroactive effect could be applied
The Government, through the Minister of the InteriorGuillermo Francos, indicated this Monday that the floor of the Income Tax and that “the scales are different, of course, from those that were in force in November” 2023, before Alberto Fernández’s administration repealed part of the rate.
Regarding the possibility that the first quarter of 2024 will be taken into account for the collection of the tax, the national official expressed the opinion that “If this point is not eliminated with the new law, “obviously, since it is annual, it has to be paid at the end of the year,” but that issue is still being discussed by the Ministry of Economy.
“I don’t know. “I cannot answer that today because I do not have that information,” said Francos when asked on La Red radio whether the Government’s idea is to eliminate this first quarter as retroactive to a law that is not yet under debate or in force.
Without giving precise data, Francos said that the Earnings floor “I think starts from the sum of $1,200,000 and upbut always with the understanding that the lowest numbers on the scale make up a much lower percentage, because there are some who talk about 35% and this is not so, because it is a tax that establishes a progression”.
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Along these lines, the minister also referred to those who do not pay the tax, who could now be liable for its collection because their salary was increased. “There’s no need to worry about that. “All these things are taken into account in the law.”he assured.
Francos also indicated that the Treatment of Profits will not be included in the omnibus law, but in one new “special” law which will be sent to be debated in Congress with different topics linked to the tax issue such as moratorium, money laundering, and profits.
“There are several issues that are important. One of them has to do with the improvisation with which everything was done when The tax on the fourth category was repealed. A mistake was made that would mean that the tax would have to be paid in the third quarter of 2023, because what the national government did by decree at the time was to dictate a rule that said that withholdings were not made by the the fourth category,” said Francos.
And he continued: “Later, when the law was passed, this tax was exempted from January 2024, which left the last quarter of 2023 in which there is supposedly the obligation to pay profits although the withholding was not made. “We have to correct that.”
Source: Ambito
