translated from Spanish: Changes in Earnings come in time for june bonuses and salaries

This morning, Mercedes Marcó del Pont, head of the Federal Administration of Public Revenues (AFIP), announced that she signed the resolution that regulates changes to the Income Tax for workers in relation to dependency. Consequently, the exemption from the tax will begin to apply for june salaries, which are paid next month, and for the half aguinaldo. The law that was approved last April and that ends today will benefit 1,200,000 workers.
“We are signing this morning after working all weekend to arrive at a regulation of the modification of the Income Tax for people in relation to dependency, for fourth category, which was voted a couple of months ago and the regulation arrived not so long ago, but in a hurry because the idea of the Government is that this measure already brings relief at the end of the month when salaries are paid of June and the half aguinaldo”, the head of the tax agency told Radio 10.

“The purpose of this bill is to remove from the income tax a number of workers and workers who had been included in recent years. We return to a historical relationship that only one in 10 workers will pay the tax on high wages,” he added. This means a huge relief because the disposable income for consumption, especially for a significant sector of the middle class, is going to increase by about $50,000 million. This is the transfer that would be generated,” the official said.

In addition, he elaborated on the return of the withholdings of earnings that were made so far this year, corresponding to the salaries of the first five months of the year. As Earnings is an annual tax, the application is retroactive and the amounts already withheld will be refunded in five monthly installments.” There has been in recent months a withholding that is retroactive, so the relief is retroactive. This is going to be returned in five installments starting next month. The pay stub is going to warn that all those workers who earn up to $150,000 are not going to have withholding income tax and those who have been withheld, are going to have the refund,” said Marcó del Pont.
“Then there is another tranche, which are those that are between 150,000 and 173,000, that those are going to have a reduction, in some cases noticeable, of what is going to be withheld for Earnings,” he added.

Marca del Pont also referred to the bill that entered the Chamber of Deputies last week that reverses the latest adjustment to the Monotributo, which generated retroactive debts for millions of taxpayers. “This is part of a set of decisions, such as going back with the implementation of the Monotributo law, is going to generate significant relief for a sector of the middle class. There are about 22,000 million pesos that are going to be released for the universe of monotributistas. In addition to that the space to bill increases,” he said.
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Original source in Spanish

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