According to official sources, the lowering of the threshold to $1.8 million for singles (about $1.5 million net) and $2.2 million for people with two children ($1.95 million net) will be maintained. One million workers will once again pay the tax.
How much will a single person and a married person have to pay starting in July?
President Javier Milei signed a decree regulating changes in the Income tax Following the approval of the fiscal package, which It will be published this Monday through the Official Gazette. It was one of the pending measures after the rules for the moratorium, the money laundering and Personal property.
According to official sources, will maintain the lower floor at $1.8 million for singles (about $1.5 million net) and $2.2 million for people with two children ($1.95 million net) voted. It will begin to take effect in July, That is, with the salaries that workers will receive in the first days of August.
Previously, the non-taxable minimum was 15 minimum wages, equivalent to $2,340,000 until June and $3.5 million since July.. With this measure, approximately one million workers who were previously exempt, They will begin to pay the tax in rates between 5 and 35%.
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The new amounts to be paid start at (approximately) $3,000 pesos per month up to $60,000 per month for those who were currently exempt, and will exceed 100,000 pesos per month for those who earn more than 2,500,000 gross pesos.Payments received by workers such as overtime, Christmas bonuses, long-distance travel expenses (truck drivers), and Patagonian zone are included in the calculation of the tax.
The non-taxable minimum will be updated on a quarterly basis during 2024 and then on a semi-annual basis based on the Consumer Price Index (CPI).
Income Tax: How much will a single person have to pay?
- $1,800,000 gross salary- will not pay income tax
- $1,900,000 gross remuneration – maximum rate of 5% (retention $4,500).
- $2,000,000: maximum rate of 9% (retention: $10,940)
- $2,100,000: maximum rate 12% (retention: $19,880)
- $2,200,000: maximum rate 15% ($30,800)
- $2,300,000: maximum rate 15% ($44,142)
- $2,400,000: maximum rate 19% ($61,979)
- $2,500,000: maximum rate 19% ($80,979)
- $2,600,000: maximum rate 19% ($99,979)
- $2,700,000: maximum rate 19% ($118,979)
- $2,800,000: maximum rate 23% ($138,817)
- $3,200,000: maximum rate 23% ($230,817)
- $3,300,000: maximum rate 27% ($256,655)
- $3,900,000: maximum rate 27% ($418,655)
- $4,900,000: maximum rate 35% ($728,493)
- $5,100,000: maximum rate 35% ($797,830)
- $5,500,000: maximum rate 35% ($937,830)
Income Tax: How much will a married person have to pay?
- $1,800,000 gross salary- will not pay income tax
- $1,900,000 gross remuneration- will not pay income tax
- $2,000,000: will not pay income tax
- $2,100,000: maximum rate 5% (retention: $216)
- $2,200,000: maximum rate 5% ($4,366)
- $2,300,000: maximum rate 9% ($11,864)
- $2,400,000: maximum rate 12% ($23,151)
- $2,500,000: maximum rate 15% ($37,439)
- $2,600,000: maximum rate 19% ($53,490)
- $2,700,000: maximum rate 19% ($72,490)
- $2,800,000: maximum rate 19% ($91,490)
- $3,200,000: maximum rate 23% ($174,540)
- $3,300,000: maximum rate 23% ($197,540)
- $3,900,000: maximum rate 27% ($352,591)
- $4,900,000: maximum rate 31% ($652,641)
- $5,100,000: maximum rate 31% ($714,641)
- $5,500,000: maximum rate 35% ($852,191)
Source: Ambito
