2023-09-13 18:50:59
The national government published this Wednesday the decree that makes official the increase in the Income Tax floor announced by Minister Sergio Massa.
The text has some new features compared to the previous updates to the minimum for employees and retirees that occurred in May and August of this year.
All the news regarding Income Tax
On the other hand, the bill to modify the tax from fiscal year 2024 was also disseminated. Now it must be discussed in the national Congress, where the opposition promises to present its own initiative so that the changes cover the self-employed and monotributistas.
Below we explain 10 keys to the changes that are coming to the Income Tax.
1. Who benefits from the changes
He Decree 473/23published in the Official Gazette, impacts people who work in a dependent relationship, are retired or are pensioners.
It applies to withholdings made by employers, the Anses or the Caja in monthly salary receipts.
It does not change anything in the situation of the self-employed.
2. What are the new values to pay the tax
The floor to start paying goes from $700,875 of gross remuneration (in August and September) to $1.77 million.
In reality, the decree sets a value equivalent to 15 minimum, vital and mobile salaries on the date of entry into force of the rule ($ 118,000 in September 2023).
This amount arises from the gross salary of the month or the average between October and December, whichever is lower.
3. What happens to those who charge more than the minimum
Individuals with a gross salary greater than $1.77 million will pay Earnings.
No range was established to apply a special increased deduction table as there was previously.
In this case, the Executive entrusts the Federal Administration of Public Revenues (Afip) a increase the limits of the aliquot scales with the purpose that the payment of the tax does not generate distortions in the income of those who are above or below that limit. In reality, what the text asks is to “ensure the progressiveness of the tax, thus preventing its burden from neutralizing the adopted salary policy.”
4. When the changes start to be applied
The planned modifications They will not be retroactive. This applies to both the floor to pay and the new rate table.
They begin to be applied from the remunerations accrued from October 1, 2023, which are They get paid at the end of next month or in the first days of November.
5. What happens with the December bonus
The payment of the complementary annual salary for December 2023 will be exempt from Income Tax for those people who earn up to $1.77 million gross per month.
For these people, the exemption has a limit equivalent to 50% of that figure ($885 thousand).
On the other hand, those who exceed the average monthly remuneration of $1.77 million will be taxed on the entire bonus (not only on the surplus).
6. How reference remunerations are calculated
In the case of the Income Tax that is applied to the usual salary, the lower value is taken between the remuneration of the month to be settled and the average for the period October to December 2023.
For the second semester bonus, the monthly average of the salaries earned in the period (from July to December) is computed.
7. How the tax continues in 2024
The ruling party released a bill that is regarding to be sent to Congress to eliminate the taxation of employees and retirees from the Income Tax starting in fiscal year 2024.
The initiative seeks to replace that payment with a tax on higher incomes.
The opposition anticipated that it will present its own initiative so that the self-employed and monotributistas also benefit from a reduction in the tax burden.
8. What is the new Income Tax provided by the ruling party?
The text of the project foresees establishing a schedular tax “on the highest income from work in a dependency relationship, retirements, privilege pensions and others.”
It would not apply to all people but to those who have: the position of Secretary of State onwards and their equivalents, directors, trustees and members of supervisory boards of public limited companies and equivalent positions of administrators and members of boards of directors of other companies, associations, foundations and cooperatives, and directors of cooperative societies.
9. How much will be the new non-taxable minimum
According to the official initiative, the settlement of the tax is simplified.
Instead of having several deductions, a single one called “non-taxable minimum” would be established. equivalent to 180 minimum annual salaries (15 salaries per month).
To make the conversion into pesos, in the first semester the minimum wage for January will be taken and in the second semester, the minimum wage for July.
Furthermore, people from the Patagonian region maintain the differential of 22%.
10. How much will those who continue to be reached by Profits pay?
The excess of the non-taxable minimum will be taxed at a progressive rate.
Instead of being a scale that starts at 5% and ends at 35%, a 5-step table that goes from 27% to 35% would be applied.
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