The ruling party secures votes for the Fiscal Package — OPI Santa Cruz

The ruling party secures votes for the Fiscal Package — OPI Santa Cruz
The ruling party secures votes for the Fiscal Package — OPI Santa Cruz

The ruling party was securing a narrow majority today to approve the reinstatement of the Income Tax and the Personal Property reforms. These points are included in the Fiscal Package bill, which will be discussed tomorrow in a special session of the Chamber of Deputies along with the Ley Bases. As of this afternoon, La Libertad Avanza had guaranteed between 129 and 134 votes, contributed by 37 from the ruling party, 36 from the PRO, between 22 and 26 from the UCR, 12 from Hacemos Coalición Federal, 2 from Buenos Libre (the bench created by Carolina Piparo), 3 from the MID, 3 from Bloque Independencia (which answers to the governor of Tucumán, Osvaldo Jaldo), 1 from Creo, 7 from Innovación Federal, and 2 from Producción y Trabajo and 4 from the Coalición Cívica.

In addition, four Catamarcans who answer to the governor of Catamarca, Raúl Jalil, could join. Deputy Sebastián Noblega voted in favor of the reinstatement of Ganancias when it was discussed in the Chamber of Deputies, and legislators Fernanda Ávila, Silvana Ginocchio, and Dante López Rodríguez could also join. In contrast, the opposition can only gather about 115 votes, since 95 legislators from Unión por la Patria, 5 from the left, 8 radicals, 4 from Hacemos Coalición Federal, 2 from Santa Cruz, and one from Innovación Federal will reject Ganancias.

The Senate approved the Fiscal Package with changes, including reforms to the money laundering and the flat tax, and rejected by simple majority the reinstatement of the Income Tax and the modifications to the Personal Property Tax. The ruling party, together with the dialogue blocks, issued yesterday a majority opinion that accepts the changes to the flat tax and the money laundering, but decided to insist with a simple majority on the reinstatement of the Income Tax and the reforms to the Personal Property Tax.

The Government and most provincial governors (with the exception of the Kirchnerites) requested the reinstatement of the Income Tax so that employees who earn a gross salary of $1,800,000 in the case of singles and $2,300,000 in the case of married people pay that tax. The tax will be applied to the surplus between the Non-Taxable Minimum and the gross salary, with a progressive scale between 9% and 35%, although the cap will only apply to salaries above 36%.

In addition, the deputies’ text includes deductions for spouses amounting to $2.9 million per year and children ($1.4 million per year), for domestic staff, medical expenses and life insurance, excluding overtime, Christmas bonuses, productivity bonuses and the differential for workers in Patagonia. Another key point is the ratification of the DNU by which it was defined that salaries equivalent to 15 minimum wages will not pay taxes between October 1 and December 31, a measure that must be adopted by law to avoid deductions for workers.

In the project sanctioned in September 2023, approved by the government of Alberto Fernández and at the request of the then presidential candidate Sergio Massa, the fiscal impact was estimated to be 0.83% of GDP (almost 3 trillion pesos). On the other hand, in the project designed by the Government for 2024, it was estimated that it reduces the fiscal impact of the Income Tax to 0.5% of GDP and in the text approved by Deputies to 0.43% of GDP, according to the Budget Office of the National Congress.

The government also proposes to insist on the title on Personal Property, which includes an increase in the Non-Taxable Minimum and a reduction in rates as an incentive for money laundering. The Government proposes to increase the Non-Taxable Minimum from which Personal Property will begin to be paid, taxing from 100 million pesos instead of 27 million, with a rate of 0.5% to 1.5%, when at present it is at 1.75%. It is also allowed to pay in advance for five years with a special rate of 0.45% per year. (Santa Cruz IPO Agency)

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