Argentina approves income tax relief for 93% of workers

Argentina approves income tax relief for 93% of workers


Twitter / SenadoArgentina / Archive

First published Current Brazil Network

After the Senate approved an increase in the exemption line to 150,000 pesos per month (approximately $ 9,000), 93 percent of workers in Argentina were no longer required to pay income tax. The move will benefit retired workers with a salary of not less than 1.2 million. All the senators – with 66 votes in favor – abstained from voting. It was approved by a large majority in the Chamber of Deputies, with only three abstentions.

The decision, the newspaper says Page 12, Is part of a plan to create a new fund. The Emergency Family Income (IFE, in Spanish for short), responds to the financial crisis imposed by Kovid-19’s pandemic. One of the consequences of the health crisis, which has exacerbated the economic crisis traditionally inherited from the government of current President Alberto Fernandes Mauricio Macri, is that 42% of Argentina’s poverty is also affected. To give you an idea, a wage earner with a total monthly income of 120 thousand pesos (R $ 7.3 thousand) paid 3.200 thousand pesos (R $ 195) per month. He is now excluded. The new law will take effect on January 1, and the government will repay the amount already charged in April. The financial impact should be 34 to 47 billion pesos, approximately $ 2 billion to $ 2.9 billion.

Root correction

Another feature of the approved action is that it emphasizes the reversal of the tax logic that began in December, creating an extraordinary tax on the recognized big fortune. With the aim of mitigating the economic repercussions of the pandemic, the government of Alberto Fernandes was able to approve a project that is expected to raise 308 billion pesos, or about 4.5 billion pesos, taxing only 0.02 percent of the population.

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The central goal now is to regain the purchasing power of wages to keep the economy warm. When we left the government in 2015, 1.1 million workers contributed revenue. Macri (Mauritius Macri, former president) campaigned that (workers) were not going to pay taxes, which doubled to 2.3 million. With this law, we want to rectify the severe setback that Macri has inflicted on workers’ pockets, ”he said. Page 12 Hose Mayans. Senator Frente de Todos, a supporter of President Alberto Fernandes, presides.

In addition to the increase in the income tax exemption record in Argentina, the exemption law for duty and overtime health workers complies until September. Daycare costs for children up to the age of three are deducted up to an annual limit of 67,000 pesos (approximately $ 4,000). The discount for children with disabilities will be doubled – today it is 78,833 pesos per year (approximately R $ 4820) – the age limit has been removed. Discounts are allowed for the purchase of school supplies or for a partner.

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