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Monday, March 27, 2023

Deputies approved the reduction of personal income tax and IASS

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The Chamber of Deputies approved in the early hours of this Thursday the project to reduce the Personal Income Tax (IRPF) and the Social Security Assistance Tax (IASS), hours after it was approved by the Finance Commission. The next step is the promulgation of the same by the president Luis Lacalle Pouwhich could happen during the day.

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Shortly before noon, the Finance Commission ended its meeting with representatives of the Ministry of Economy and Finance (MEF), headed by Undersecretary Alejandro Irastorzawho defended the tax reduction, in addition to explaining the cancellation of debts of monotributistas of the Ministry of Social Development (you measure).

Irastorza was accompanied by the director of Economic Policy, Marcela Bension; of the Director of Public Finance, Ferdinand White; and the director of Tax Consulting, Pia Biestro.


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Photo: Ministry of Economy and Finance

The Finance Committee of the Chamber of Deputies is currently chaired by Gustavo Olmosof the broad front (FA), and made up of ten other members, in addition to seven other delegates from various parties. The meeting with the representatives of the Executive Branch was brief.

Among the members who participated in the discussion are Adriana González, Daniel Dalmao, Bettiana Díaz, and Sebastián Valdomir for the FA; Gonzalo Mujica, Wilma Noguez, and Álvaro Viviano for the National Party (PN); Conrado Rodriguez of the Colorado party; Alvaro Perrone Cabrera of Town meeting; and Iván Posada of the independent party.

Despite the fact that a heated debate is expected in the Chamber of Deputies, there was also a quick treatment there, without going into the details of the initiative, just like in the Chamber of Senators, where despite criticism from the FA, 28 of the 28 senators present voted positively.

When does the discount start to take effect?

The PN senator, Jorge Gandinispecified that the application is immediate once the bill sent to the Parliament. In turn, he added that “the month after (the approval of the law) retirees and workers will see the result immediately in their pockets, especially those who have less income.”

It is necessary to take into account that the IRPF and the IASS are settled annually and that at the end of the year the return of what was contributed in excess in the months prior to the change will be carried out, which would ideally be January, February and March. “They are going to settle at the end of the year, and it will be returned to them at the end of the year because these first months of the year they pay for a higher amount, and since it is an annual tax, it is discounted at the end of the year and they will be returned ”, detailed the senator.

Source: Ambito

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