The National Government has implemented new regulations regarding the Income Tax. Under these new rules, workers with gross salaries of ARS 1,800,000 for singles and ARS 2,200,000 for married individuals will start paying the tax on their August salaries.
To shed light on this subject, Canal E interviewed accountant Elisabet Piacentini. She pointed out that the new regulations still lack specific guidelines from the AFIP (the Federal Administration of Public Revenue).
According to Piacentini, the current regulations are creating some uncertainty. “We’re on a countdown to adjust the systems and calculate July’s payroll with these new modifications,” she explained. Adjustments need to be made to the tax tables, each employee’s situation must be reviewed, and applicable deductions have to be determined.
Another point of concern is the impact on annual bonuses. Piacentini emphasized that the bonus, specifically the June one, won’t be affected by the new regulations due to an exemption that keeps it out of the taxable income calculation. “From July 1st onward, bonuses will be subject to certain changes, but additional payments like travel allowances and bonuses will be impacted by the new rules,” she added.
Regarding the goals of the new tax regime, Piacentini stated it was designed to enhance equity in the taxation system, as previously, more money was withheld under the Income Tax. While the tax scale is progressive, with higher percentages for larger salaries, she noted that the impact on families will be significant.
Furthermore, she mentioned that there will be a semiannual update of the non-taxable minimum, aiming to provide greater certainty. In September, a 14% increase in the non-taxable minimum is expected, in line with inflation rates from previous months.
On the side of deductions, Piacentini explained that individuals can deduct up to one million pesos annually for various expenses, such as extra medical payments, insurance (up to 200,000 pesos a year), and SGR contributions. Individuals will also recover 30% of expenses incurred abroad, and charitable donations can be deducted. Moreover, up to three million pesos can be deducted annually for domestic staff.
In conclusion, Piacentini reassured that these deductions have increased compared to last year. However, since each case is unique, it’s crucial to submit the SIRADIG form to ensure employers are aware of all deductions, which will help reduce the tax withheld.
Source: https://www.perfil.com/noticias/canal-e/impuesto-a-las-ganancias-quienes-pagan-en-agosto.phtml
