2023-05-08 00:24:28
The Minister of Economy, Sergio Massa, confirmed this Sunday that the new non-taxable minimum of the Income Tax to the fourth category will be $ 506,230 gross as of May, a measure that – they said from the Government – will benefit 250,000 employees who work under dependency relationship.
“As of May, we have decided to increase the floor for which Income Tax begins to be paid to 506,230 pesos, bringing tax relief to more than 250,000 workers who will stop paying it each month,” said the head of the Palacio de Hacienda in your Twitter account.
Due to the new income tax floor, no tax withholding will apply when gross remuneration does not exceed $506,230, inclusive.
Likewise, in those months in which the gross remuneration for the month exceeds $506,230 and is less than or equal to $583,851, withholding agents will compute an increased special deduction.
The minister highlighted: “Together with this new 125% year-on-year increase in the Earnings floor, in April we made progress so that overtime, travel expenses and productivity bonuses, among other concepts, are not affected by the tax: A benefit for 600,000 employees”.
“This new tax relief – Massa completed in his Twitter thread – is key so that the tax does not affect salary increases and they are part of our constant commitment to improve people’s purchasing and purchasing power.”
Reduction
The proposed amendment will allow a reduction in the total number of workers who pay income tax. Through the measure, approximately 250,000 employees in a dependency relationship will benefit.
These provisions will be applicable to remunerations and/or gross monthly salaries accrued as of May 1, 2023, inclusive, with the exception of the provisions of article 1, which will take effect as provided therein.
Since January 2023, the monthly gross remunerations that do not exceed $404,062, inclusive, did not pay income tax.
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