2023-09-13 23:14:00
After knowing the August inflation, which was 12.4%, andThe Minister of Economy, Sergio Massaannounced this Wednesday followingnoon a VAT refund program that will benefit monotributistas, retirees, workers who do not pay Income Taxwhose non-taxable minimum was recently modified by decree, and beneficiaries of the Universal Child Allowance.
The VAT refund will be made on the products that make up the basic basket and is intended for workers who earn salaries of up to $708.000, to retirees and pensioners of the Social Security System, to monotributistas who have no other income, to those who receive the Universal Child Allowance and to workers in private homes.
21% VAT will be credited automatically, without doing any procedure, 48 hours following making the purchase with the debit card for up to $18,800.
Which measure benefits workers more: modifying Profits or lowering VAT on food?
The products that will be part of the “Buy without VAT” initiative are both foods and drinks, fruits and vegetables and meat, as well as personal hygiene products and household items.
“The IMF’s decision to impose on Argentina a 20% devaluation of our currencya product of that agreement signed in 2018 by President Mauricio Macri to finance capital flight and causing terrible debt for Argentina, We knew it was going to hit the pockets of all Argentine families.“said Massa regarding the reason for the measures.
Regarding the program, the Minister of Economy explained: “Historically, VAT refunds or value added tax reductions were made on the basis of supply. That is, a VAT reduction program was established in the supermarket. What next It didn’t end up reaching people’s pockets.”
And I add: “I want to ask businesses to use formal sales so as not to steal the benefit of VAT refunds from people.”. And for monotributist workers, beneficiaries of the Universal Allowance, retirees and pensioners, use your debit card because this gives you back purchasing power and within 48 hours you will have the VAT refund.”
Credits for workers in a dependency relationship
Likewise, a credit program of up to $400.000 to return in 24, 36 and 48 months with fixed installment and 50% rate which will be processed on the credit card and virtually.
PAMI: food program
On the other hand, it will be expanded to 2.967.000 the PAMI food reinforcement beneficiary program and the amount is increased in the month of September, October and November to $15,000 per month.
Changes in Income Tax
These advertisements are given following the officialization of the changes in the Income Tax: Since the 1st of octoberthe non-taxable minimum will become $1,770,000more than 100% more than the last current threshold of $700,857.
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This was published this Wednesday in the Official Gazette, through the Decree 473/2023. Among the recitals of the document, it is highlighted that “the National Government has worked all these years in the development of measures that tend to ensure the progressivity of this taxthus preventing its burden from neutralizing the adopted salary policy”.
In this way, it was established, for the second semester of the fiscal period 2023, that the amount of ther will amount to a monthly sum equivalent to 15 Minimum, Living and Mobile Wages (SMVM). This measure is already in force and will be applicable for remunerations that accrue from October of this year.
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