The Senate approved the Bases Law and the fiscal package, but in the private vote the senators rejected the changes Income Tax that were included in the Fiscal Package.
In this way, if there are no new changes in Deputies, the current profit scheme will remain in force. That is, those who receive a gross salary greater than $3,514,725 (15 vital and mobile minimum wages) will continue to pay the tax.
In addition, taxes will continue to be paid according to the difference between the credit and the non-taxable minimum and the rates will vary between 27% and 35%, depending on the income level. It is important to remember that the last change, implemented in September 2023, left 800,000 employees excluded from the tax.
The reestablishment of the Income Tax of the fourth category for workers in a dependency relationship at levels similar to those that governed last year before the reduction promoted by the former Minister of Economy, Sergio Massawas rejected by 41 votes to 31.
With the reversal of the tax, the government planned to increase collection by 0.5% of GDP and increase co-participation to the provinces. However, the text approved in the House of Representatives reduced it to 0.43% and the one that reached the Senate to 0.41% of the product, according to the report from the Congressional Budget Office (OPC). It has now been rejected in its entirety.
Money laundering was approved unanimously in the Senate, after some changes were introduced with respect to the original text. The final version states that Assets of up to USD 100,000 may be laundered without paying any surcharge rate, that is, laundering would be free of charge up to that amount. For amounts that exceed USD 100,000, the project proposes progressive rates of 5%, 10% and 15%, depending on the moment in which taxpayers decide to join the regime. These rates will vary in three specific stages, designed to encourage early adherence.
Also, Under certain conditions, a 0% rate may be paid when laundering amounts greater than USD 100,000. To do this, the externalized money will have to be deposited in a special bank account until December 31, 2025. They may also be included in that free bleaching those who use the externalized money to make a series of investments that will be determined by the Ministry of Economy.
In the case of goods being processed in Argentina, the following must be declared:
- Cash, either in pesos or dollars.
- Estate. Its acquisition value, its tax value or its minimum value (whichever is higher) must be considered.
- Shares, quotas and participation in companies, rights of beneficiaries of trusts or shares of common investment funds.
- Securities, including, without limitation, shares, bonds, negotiable obligations, custody deposit certificates, fund shares and other similar securities, listed on stock exchanges or markets regulated by the National Securities Commission.
- Credits of any type or nature.
- Rights and other intangible assets not included in paragraphs before
In the case of goods abroad, the following must be declared:
- Money in cash or deposited in bank accounts.
- Estate
- Shares, quotas and any type of participation right in companies, corporations, entities or vehicles of any nature and the rights of beneficiaries of trusts or other types of assets with similar assets.
- Securities, including, without limitation, shares, bonds, negotiable obligations, custody deposit certificates, fund shares and other similar securities, listed on foreign exchanges or markets.
- Other personal property of any type located outside Argentina.
- Credits of any type or nature, when the debtor of said credits is not an Argentine resident under the rules of the Income Tax Law.
- Rights and other intangible assets not included in previous sections.
In the midst of negotiations for the Lower House to approve the text, the omnibus project of the Government of Javier Milei was left without one of the most resonant reforms it contained: the repeal of the pension moratorium and the creation of the Proportional Retirement Benefit for those people who turned 65 and who did not complete the 30 years of contributions necessary to retire.
In this way, the moratorium launched months ago by the government of Alberto Fernandez. The system is aimed at two large groups of people. The first is made up of citizens who, despite having reached retirement age, did not manage to pay the 30 years of contributions dictated by the law. law 24,241; The other is made up of those who do not yet have the age limit, but already know in advance that they will not reach 30 years of retirement contributions.
Those who are already of retirement age (women aged 60 and men aged 65 or over) can access a moratorium whose quotas are adjusted according to the “pension debt payment unit” (UPDP)a value that depends directly on the “minimum taxable remuneration”.
According to the regulations, the fees that are deducted from each salary payment are equivalent to 29% of said minimum non-taxable remuneration, which today is $69,694 (the fees are today $20,211.
In the case of those who have not yet reached the minimum retirement agethe system is exactly the same, but only those who prove income that demonstrate the ability to pay the debt.
