The “Fiscal Package” obtained a commission opinion on Thursday in the Chamber of Deputies and will be treated at the facility next week. One of the topics that focuses attention is the Income Tax.
Income Tax: what can change with the new project
During the commission some modifications were included such as:
– The updating of personal deductions (non-taxable minimum, family expenses and special deduction)
– Scales of the aliquots on a semiannual basis. In 2024, by exception in September.
The change benefits taxpayers, when compared to the original text, which stipulated annual updates. Starting every six months, the Nominal amounts will feel the effects of inflation less: that is, the weight of the tax on salaries will be reduced.
If the project is approved, will mean the restitution of the Income Tax for a large number of workers. During September 2023, in the midst of the presidential campaign, the previous Government had eliminated the fourth category, which exempted more than 800,000 taxpayers from paying the tax.
The law raised the non-taxable minimum floor for workers and retirees who earn 15 minimum wages. If the fiscal package is approved in both chambers of Congress, this will be reversed.
Profits: who and how will pay the tax, depending on the project
In this way, if the project Tax Package (at least the Profits section) is approved as is, employees will begin to pay Profits from a gross monthly salary of $1,800,000 ($1,494,000 in net terms), if deductions are not applied for spouses, children or certain expenses that may be deducted from income.
Meanwhile, a single employee with two children children under 18 years of age declared in their care, the lowest income reached by the tax would be $2,100,000 (gross), some $1,781,000 (net).
For its part, a married employee with two children dependent minors, will be exempt from payment with a gross salary less than $2,400,000 or about $1,081,000 net.
For example, a single person who earns $2.1 million per month (gross) or $1.7 million net, will pay $24,730 from Profits.
Meanwhile, an employee with an income of $2.4 million (gross), will pay $74,582 if you are single; $19,111 if you are single and have two dependent children; either $4,999 if you are married and have two children.
For its part, if you have a gross remuneration of $3.2 million who does not have deductions for spouse or children, nor for expenses such as rent or domestic service, would pay a monthly tax of $247,564.83. The tax would be $189,796 if you are single with two dependent children or $133.99 if you are married with two children.
Source: Ambito
