2023-06-07 12:55:00
The Minister of Economy, Sergio Massaannounced that in the first installment of the Christmas bonus gross salaries of up to $880 thousand will be exempt from Income Tax. The measure will benefit more than half a million workers across the country.
In this sense, the Draft Decree that increases the exemption of subsection “Z” of article 26 of the Income Tax Law implies that the tax is not applied to complementary annual salaries, which is equivalent to 10 times the Minimum Vital and Mobile Wage.
This is an extraordinary benefit for Oncewith the aim of rebuilding purchasing power and projecting that this improvement in pocket wages will bee will translate into greater consumption and increased economic activity. The measure benefits 513,000 workers throughout the country, who are subject to income tax withholdings and register monthly gross wages of between $ 506.230 y $ 880.000.
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That is More than 50% of the workers who today pay the Income Tax are reached by the benefit.
The measure announced by Massa implies an average pocket improvement per employee that exceeds $110 mil ($ 112.600), and an increase over the average monthly pocket salary of 26%.
How the benefit is realized and identified
In the case of the bonus, the tax withholding is calculated month by month. For this reason, the measure proposes to return the amount withheld for these salaries in two equal and consecutive monthly installments, together with the collection of the monthly remunerations accrued in the months of June and July. For this, employers must display the return in a separate line of the salary receipt, clearly identifying the benefit of the measure.
Finally, it was explained that employers they must expose the return in a separate line of the salary receipt to identify the benefit of the measure.
The decision that the economic team of the head of the Treasury had been perfecting in recent days is added to other measures that they want to carry out, such as the presentation of new promotion regimes for the automotive industry and prizes and credits for the monotribute.
Among these provisions is also the launch of transfers to agricultural and poultry cooperatives of promotion programs, in addition to a presentation of the status of complaints of exchange evaders.
Fiscal relief: how it impacts sector by sector
The tax relief defined by the Ministry of Economy will reach:
- 92,640 workers in the manufacturing industry;
- 72,598 from teaching;
- 56,059 of financial intermediation and insurance services;
- 43,570 for transportation and storage services;
- 41,633 for information and communications;
- 33,682 from human health and social services;
- 29,110 of wholesale and retail trade and repair of motor vehicles;
- 28,501 for exploration of mines and quarries;
- 19,669 from construction;
- 18,161 of services of associations and personal services;
- 16,923 for electricity, gas, steam and air conditioning supplies;
- 14,582 from police and security forces;
- 13,770 for professional, scientific and technical services;
- 12,552 for administrative activities and support services;
- 8,376 for water supplies, sewers, waste management and material recovery;
- 4,515 from agriculture, livestock, hunting, forestry and fishing;
- 3,092 of artistic, cultural, sports and leisure services;
- 2,236 for lodging and food services;
- 1,013 from real estate services;
- 318 services of extraterritorial organizations and bodies.
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