To the labour reform agreed with the opposition and the new Law Basesit was known this Wednesday the tax package which contains the tax modifications What the Government thinks.
Fiscal package: the Government project is debated in Deputies
Under the name ofey of Palliative and Relevant Fiscal Measuresthe project entered the Chamber of Deputies and contains changes in the Income Tax, monotax, Personal Assets, moratoriums, and provides for money laundering.
The attached project establishes numerous changes in the tax landscape, with the return of the fourth category of Profitsa reduction in Personal Assets over the next few years, an update of the monotax scales, a broad moratorium on tax debts and money laundering.
Tax package: what will happen to Profits
Last September it had been eliminated the fourth category of Profitswhich exempted more than 800,000 taxpayers.
The law passed by Congressraised the floor of the non-taxable minimum for workers and retirees who receive 15 minimum vital and mobile wages (SMVM). In addition, it stipulates that taxpayers will pay taxes according to the difference between their assets and the established minimum and the rates will range from 27% to 35%, depending on the income level. That will be reversed if he tax package ends up being approved by Congress.
With the text as agreed in committee, This is how the 17 categories considered remain. The lowest, with a gross salary of up to 1,800,000 pesos – which represents a net or “in hand” remuneration of up to $1,494,000 – is exempt from the tax, which is usually called “the non-taxable minimum for single employees.” ”.
HE eliminates the exemption of the fourth category and the following scales are established, contemplating the accumulated monthly net taxable profit:
- Of $1.2 million to $2.4 million: they pay $60,000 plus 9% on the surplus of $1.2.
- Of $2.4 to $3.6 million: They pay $168,000 plus 12% on the surplus of $2.4 million.
- Of $3.6 million to $5.4 million: They pay $312,000 plus 15% on the surplus of $3.6 million.
- Of $5.4 million to $10.8 million: They pay $582,000 plus 19% on the surplus of $5.4.
- Of $10.8 million to $16.2 million: they pay $1,608,000 million plus 23% on the surplus of $10.8 million.
- From $16.2 million to $24.3 million: They pay $2.85 million plus 27% of the surplus of $16.2 million.
- From $24.3 million to $36.45 million: They pay $5,037 million plus 31% on the surplus of $24.3 million.
- From $36,450 million onwards: They pay $8,803,500 plus 35% on the surplus of $36,450 million.
It is also contemplated that “the amounts provided for in this article will be adjusted annually, starting with fiscal year 2025, inclusive, by the coefficient that arises from the annual variation of the Consumer Price Index (CPI) that supplies the National Institute of Statistics and Censuses (INDEC)corresponding to the month of October of the year prior to the adjustment with respect to the same month of the previous year”.
Physical package: what will happen to the monotax
The Executive’s project involves an update to billing and quota caps, with increases of between 300 and 330%. The annual income ceiling would be $68 million and eliminates the differentiation between activities (commerce and services) to be in the simplified regime. Also, the amounts of the entire scale and the amounts to be paid would increase.
If the fiscal package is approved, the monotributistas of the Category Alower income, They could invoice up to $6,450,000 annual. For those who are in the category Kthe highest, the amount amounts to 68 million pesos.
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In addition, there would be an increase in the amounts paid monthly by monotributistas in concept of the integrated tax, and in contributions to the retirement regime and social work. In addition, The unit billing price is set at $385,000 for both those who offer services and those who sell products.. And an annual update is established for inflation.
Tax package: what will happen to money laundering and personal assets
Among the main changes that the Government seeks to make for personal assets is the elimination of the treatment of differential rates depending on the location of the assets (in the country and abroad).
In addition, the project proposes a benefit for Compliant Taxpayers, That is, those who have complied with all of their obligations regarding Personal Assets for the fiscal periods 2020 to 2022 will have a reduction of 0.25% in the rate for the periods 2023, 2024, 2025 and 2026. However, it is possible It should be noted that if the taxpayer adhered to the asset regularization regime, he could not be categorized as a compliant taxpayer.
The new values for the 2023 fiscal period would be:
- Non-taxable minimum: $100,000,000 (currently $27.3 million)
- Minimum for a residential home: $350,000,000
Source: Ambito
