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How will the apartments look with the new maximum tax base?

How will the apartments look with the new maximum tax base?

The floor of Income Tax would increase if the reform proposed by the Government is approved, based on the new maximum tax base set this Tuesday by the National Social Security Administration (ANSES).

The Resolution 97/2024 established that the maximum tax base on which employees will make contributions to the retirement, social work and law 19,032 for the months of May 2024 and following will be $2,081,258.67. Currently, it is $1,874,838.91.

This implies that the mandatory discounts will be greater and, as they are deductible from Income Tax, if the reform proposed by the Government is approved, The floor up to which certain employees will not pay the tax is increased.

Profits: how the floor would look with the new tax base

The CEO of SDC Asesores Tributarios, Sebastián Domínguez, prepared a diagram detailing how the tax floor would look with the new maximum tax base.

According to his calculations, “for the single employee everything remains the same because the floor was $1,800,000 gross salarywhich was lower than the maximum tax base already in effect for April”, while “on the other hand, for an employee with two children without spouse deduction, the floor in April was $2,057,405 and in May it would go to $2,092,496” .

Likewise, he specified that “the scenario for an employee with a spouse and two children deduction would be the following: “The floor in April was $2,300,000 and in May it would go to $2,335,091.” In this regard, he indicated that “the increase in the floor by $35,091 arises from applying the 17% discounts on the increase in the tax base ($2,081,258.67 minus 1,874,838.91 times 17%)”.

The Withholdings from monthly earnings for single employees, single employees with two children and married employees with two children in the event that the reform proposed by the Government is approved would be:

For example, a salaried employee with a gross remuneration of $3,200,000 who does not have deductions for spouse or children, nor for expenses such as rent or domestic service, would pay a monthly tax of $238,090.16, if the bill that the Executive Branch sent to Congress is approved.

afip-gains.jpg

According to the calculations of a tax expert, for the single employee, everything remains the same because the floor was $1,800,000 in gross salary.

In the case of a worker with the same income and who is single, but who declares deductions for two children under 18 years of age, then The amount would be $181,725.72 monthlys. Meanwhile, for a married employee with two minor dependent children, the Earnings payment will be $127,332.62.

With a gross salary of $5,100,000, the monthly discount for Earnings would be $808,765.02 for a single person without children, while if a single employee with that income applies deductions for two children, the tax would be $724,325.97. For a married employee with two minor dependent children, the Earnings payment will be $649,121.65.

Domínguez explained that “for its preparation, we have considered application of the tax starting in May 2024 without the effect of accumulation of income from January to April 2024” and clarified that “the only deductions applied have been retirement contributions, social work and law 19,032 until the ceiling of the tax base set for May 2024”.

Source: Ambito

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