How Profits and Personal Assets would be paid if Deputies approve the original text of the fiscal package

How Profits and Personal Assets would be paid if Deputies approve the original text of the fiscal package
How Profits and Personal Assets would be paid if Deputies approve the original text of the fiscal package

The original text of the tax package established that Profits be paid from an out-of-pocket salary of $1.4 million in the case of a single person without children. In Personal Assets, rates would be reduced and taxes would be allowed to be advanced until 2027.

José Luis Espert, leading the Budget and Finance meeting.

The Chamber of Deputies will try this Wednesday Bases Law and the fiscal package, after its approval in the Senate. Regarding the fiscal project, the intention of the Government and a series of provincial leaders (except the Patagonian ones) is to reverse the rejection that the Upper House applied to the reincorporation of the fourth category of Profits and the benefits in Personal Property. For this, the ruling party will need to have 129 votes in the chamber, despite the fact that if it achieves its goal, sectors of the opposition are analyzing judicializing the issue.

If the fiscal package is approved this week – and the rejections are managed to be reversed – in the Chamber of Deputies, the Federal Administration of Public Revenue (AFIP) may launch the mechanism for the settlement of the Tax to Profits and Personal Assets, whose expiration operates in August.

The opinion of the Budget and Finance Commission reestablishes the original text that it had sent to the Senateincluding among other points, Article 111, which requiresThe Executive Branch to send a Law within 60 days to establish cuts in special regimes and exemptions from various taxes, such as VAT.

What are the main points of the project:

  • In the case of Income Tax, the Cedular Tax is eliminated. This tax is paid on salaries of $2.3 million or more. This is what was left after the repeal of the fourth category in 2023.
  • When earnings are restored for the fourth category, the new floor is gross salaries of $1.8 million for single people without children and $2.3 million for married people with children.
  • If retirement and social work discounts are made, there are out-of-pocket salaries of $1.494 million and $1.98 million.
  • The annual deductions will then be: Non-taxable profit, $3,091 million; spouse $2.9 million; son, $1,468,096; Special Dependency Relationship Deduction, $14.8 million; Additional special deduction for Aguinaldo, the proportional amount of the previous deductions is added.
  • If the text is approved, individuals will pay taxes from 5% to 35%.
  • The maximum rate of 35% will apply from an annual net taxable income of $36,450,000. The tax and deduction scales will be updated for inflation.
  • All workers will pay Profits for all the concepts they earn. That is, a productivity bonus that was not paid before will now be taken into account, as well as cash failures or different supplements that benefited some unions.
  • The special 22% deduction for workers from La Pampa, Río Negro, Chubut, Neuquén, Santa Cruz, Tierra del Fuego, Antarctica and the South Atlantic Islands and the Patagones district of the province of Buenos Aires is excluded.
  • The project resolves the problem of the debt that remains from last year when, before Ganancias was repealed, the AFIP was ordered not to collect the tax. The text validates what was done last year.
  • Only up to $20,000 per year may be deducted from Mortgage Loan Installments. In the Senate, an initiative was worked on so that up to 3 million interest could be deducted, but by eliminating Earnings, the original version follows, which does not establish changes in this aspect.

In Personal Property

  • The new floor will go from $27 million to $100 million. The deduction for family housing will increase to $350 million.
  • On the other hand, for sworn declarations with assets until the end of 2023, the rates will be between 0.5% and 1.50 percent. Between 2024 and 2026, only two rates would remain in force, between 1.25% and 1.50%, and from 2027, a single rate of 0.25 percent.
  • The Special Personal Property Tax Income Regime (“Reibp”) is established, which allows taxes to be paid now until 2027.
  • The Reibp will be optional and voluntary. The 2023, 2024, 2025, 2026 and 2027 tax of 0.45% may be paid. Those who enter laundering may do so at 0.5%. And the beneficiaries will not need to submit sworn statements during the period.

Source: Ambito

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