When the parliamentary process of the so-called Fiscal Package ends and the Base Law -if the Government finally obtains its approval-, it is estimated that one million employees would pay Income Tax again. It would be approximately 10% of registered employees, who total 10.2 million, according to the latest data from the Ministry of Labor.
Thus, the tax may reach the single workers who have a gross monthly remuneration of $1,800,000, which is equivalent to an out-of-pocket salary of $1,494,000.
Although in all activities there are employees who could be affected by the new Income Tax, there are some unions in which salaries are so high that it would affect them all.
It is the case of the oilers The Federation of Workers of the Oil Industrial Complex and the Union of Oil Workers and Employees of San Lorenzo (SOEA) in Santa Fethey called for a strike for an indefinite period so that the initiative is not approved. The workers of the cargo transportation They also enter into the tribute. Pablo Moyano, the union leader, also called for protests.
In addition, bank employees also have minimum salaries that would be included in the taxable base of the tax, just like maritime workers dedicated to fishing, transportation and supply of biofuels.
While the workers tankers could be reached by the tax, but the governors of the provinces managed to incorporate in the initiative being discussed in Congress a clause of special deduction that would allow them not to pay even if they were formally included. Additionally, the group of those affected may include workers miners, railway machinists, civil aviation personnel and specialized workers.
Profits: what would be the scales and rates?
The application of the tax is planned from $1,800,000 gross for a single person without children. When the former Minister of Economy José Luis Machinea proposed the famous “tablita” which established a reduction in deductions to the extent that the person earned higher salariesthe last category started at $120,000 per year, which was then equivalent to $120,000.
With the current reform, The scales of the aliquots would be more progressive and would move between 5 and 35%. He maximum could be applied from a annual income of $36,450,000.
For example, an employee with a gross remuneration of $3,200,000 that does not have deductions neither for spouse nor children, nor for expenses such as rent or domestic service, would pay a monthly tax of $247,564.83.
If it were someone with that same income and single, but who declares deductions for two children under 18 years old, then the amount would be $189,796.73 monthly.
In the case of a single employee who has two children under the age of 18 declared in his or her care, the lowest gross salary reached by the tax would be $2,100,000, which is equivalent to a net salary of $1,781,277.39.
In the case of an employee married with two minor dependent children, would be exempt from paying the tax with a gross salary of less than $2,400,000, that is, a net salary of $2,081,277.39.
Deduction of interest on Mortgage Loans
He Senate incorporated into the project that was approved in Deputies the possibility of deducting up to 100% of the interest on mortgage loan installments. The planned initial limit is $3,091,035 annually or $257,586.25 monthly which would generate significant savings for the recipients of those credits achieved by the tax. In the opinion of Deputies that value was only $20,000 annually or $1,667 monthly.
Gabriela Russo, head of the Professional Council of Economic Sciences, pointed out that an employee without children or other family responsibilities reached by Profits with a gross salary of $2,600,000, being able to deduct $257,286 of interest on the mortgage loan, would pay $138,396 from earnings versus $202,162 if the $1,667 deduction applied. It is a difference to favor of the borrower of $63,766 per month.
Source: Ambito
