Massa wants to expand income tax relief

The Minister of Economy and candidate for president of Argentina must present a new minimum of 1.5 million pesos on Monday (11.set)

Argentina’s Economy Minister and presidential candidate, Sergio Massa, wants to increase the minimum income tax exemption to 1.5 million pesos (R$21,118, at the current rate). On Monday (September 11, 2023), Massa will meet with union leaders to present the proposal. The current lower end of the range is 700.9 thousand pesos (9.867 R$). This measure will take effect in October.

The goal is to limit the impact of the depreciation of the peso, which fell after the results of the primary elections. According to government projections, with this change, the population’s net income will improve by 21% to 27%.

According to information published by the Argentine newspaper No nationMassa also wants the non-taxable minimum to remain constant and be updated every semester, based on the evolution of the minimum wage.

Since this is an annual tax issue, the bill must be sent with the proposal to Congress for a vote. If approved, it will enter into force in January 2024.

With this change, the majority of Argentine workers will no longer pay taxes on their income. Public employees, businessmen and retirees “privileged” It must be excluded. Implementing the waiver in October will serve as a transitional phase until the project is analyzed in Congress.