Learn how these modifications will impact your economy and what measures you can take to take advantage of the benefits.
With the creation of the new entity Administration of Regimes and Administrative Contributions (ARCA)the Federal Public Revenue Administration (AFIP) gave rise to a series of modifications in the system of Income Tax that will come into effect in November 2024. These changes, which include adjustments to non-taxable minimums and deductions, will have important effects for workers, retirees and companies. While some will benefit from the new thresholds, others will have to pay attention to the new payment dates and advances established for this year.
It is important to know the details to know how these modifications may affect you starting in November. Discover the most relevant adjustments and what you need to know to optimize your tax situation, avoiding surprises in your pocket at the end of the year.
AFIP ARCA
Mariano Fuchila
Income Tax: how the new values and deductions impact the pocket
With the modification of the Income Tax valuesnew income thresholds were established that will benefit those workers and retirees who do not exceed the new values. The non-taxable minimum was adjusted, and now employees will not pay taxes if their gross income does not exceed the $1,800,000. Furthermore, those who have family burdens will be able to access an increase in this threshold, reaching up to $2,094,799 gross. This change aims to alleviate the fiscal impact of lower-income workers, but also implies a series of adjustments to the deductions that could modify the final tax calculation.
The new system also establishes greater deductions for children, spouses and dependents, which means greater relief for families. However, for those above these thresholds, the new calculation tables could mean an increase in what they must pay in Earnings.
Tax Earnings Calculator
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Advances and new payment dates
One of the most relevant changes implemented by ARCA is the adjustment in the advance payment due dates of Income Tax. Instead of being made at the end of the year, the first advance for fiscal 2024 must be paid before November 25. From there, they are distributed in new installments, according to the last number of the CUIT of the taxpayer, which implies a reorganization of payments to avoid bottlenecks in collection.
In addition, a new regime was implemented for profit advanceswhich will allow a reduction in these payments for those with lower incomes. To be able to access this benefit, it is necessary that the taxpayer’s income does not exceed the $150 millionwhich represents a significant change for the small and medium businesseswho will now be able to access a lighter tax burden and pay more in line with their economic capacity.
Source: Ambito
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