Meanwhile, others 117 deputies they voted against and there was only one abstention (there were six abstentions for the law in general.
Firms subject to privatization include Aerolíneas Argentinas, Enarsa, Intercargo, Radio and Television Argentina, AySA, Correo Argentino, Belgrano Cargas, Corredores Viales y Trenes Argentinos (Sofse). In addition, the mixed integration was validated for Yacimientos Carboniferous Río Turbio and Nucleoeléctrica SA.
deputies-leybases-4.jfif
Deputies in a marathon session for the Bases law.
Bases Law: how will it impact the daily lives of Argentines?
The Chamber of Deputies generally approved the renewed Bases law, a project of more than 220 items that seeks to change various aspects of the relationship between the State and citizens. In that sense, it is worth doing a point-by-point review of the central issues that could impact daily life, such as labor regime, the pension system, privatizationsin the event that the Government’s mega initiative is finally approved this week.
The omnibus lawwhich the Government sends to Congress for the second time, is a new attempt to achieve changes and deregulations in the economy.
Privatizations and State reform
Of the extensive list of companies with state participation that La Libertad Avanza seeks to enable privatization, finally only a handful of companies would be left in those conditions if the lHey Bases.
Argentine Airlines, AYSA, Argentine Energy, Argentine Radio and Television, Intercargo, Correo Argentino, Belgrano Cargas, Argentine Railways and Road Corridors are those that could be privatized, while two others such as Nuclear Power and Coal Deposits Río Turbio They could be partially sold to the private sector.
The most striking absence is that of Banco Nación. In this sense, the Minister of the Interior Guillermo Francosassured that the Government did not abandon the idea of allowing the entry of foreign capital, and announced that the idea they have is the model of the Bank of Brazil that, he affirmed, Lula promoted in his first term as president.
Aerolíneas Argentinas is trying to rearrange itself amid the uncertainty about the future of the airline market.
Investments and elimination of taxes
The rule establishes tax, customs and exchange benefits for Projects of investment that exceed USD 200 million. In addition, it imposes a single rate of Income Tax of 25%; the update of losses by CPI in Profits; preferential tax treatments for profits and dividends; the accounting of 100% of the Tax on Debits and Credits as payment on account of Profits and the possibility of paying VAT to suppliers and the AFIP with tax credit certificates.
Although it garnered support from business sectors, one of the chambers that raised objections was the Argentine Industrial Union. The entity had warned the different parliamentary blocs that the current wording of the Incentive Regime for Large Investments (RIGI) It places local suppliers at a disadvantage compared to imported products, since imports do not pay tariffs of any kind while national suppliers must comply with all their tariff and tax obligations.
For this reason the UIA made proposals to the articles to generate a scheme that allows Argentine companies to become quality suppliers of new large projects.
The attached project establishes numerous changes in the tax landscape, with the return of the fourth category of Profits, a reduction in Personal Assets over the next few years, an update of the monotax scales, a broad moratorium on tax debts and money laundering.
Last September, the fourth category of Profits had been eliminated, which exempted more than 800,000 taxpayers. The law passed by Congress raised the non-taxable minimum floor for workers and retirees who receive 15 minimum vital and mobile salaries (SMVM). In addition, it stipulates that taxpayers will pay taxes according to the difference between their assets and the established minimum and the rates They will go from 27% to 35%, depending on income level. That will be reversed if the Fiscal Package ends up being approved by both chambers.
With the text as agreed in committee, this is how the 17 categories contemplated remain. The lowest, with a gross salary of up to 1,800,000 pesos – which represents a net or “in hand” remuneration of up to $1,494,000 – is exempt from the tax, which is usually called “the non-taxable minimum for single employees.” ”.
The Government’s project involves an update of the billing and quota ceilings, with increases of between 300 and 330 percent. The annual income ceiling would be $68 million and eliminates the differentiation between activities (commerce and services) to be in the simplified regime. Also, the amounts of the entire scale and the amounts to be paid would increase.
If the project is approved, category A monotributists, with lower incomes, could bill up to $6,450,000 annually. For those who are in category K, the highest, the amount amounts to 68 million pesos.
In addition, there would be an increase in the amounts paid monthly by monotributistas in concept of the integrated tax, and in contributions to the retirement regime and social work. Likewise, the unit billing price is set at $385,000 for both those who offer services and those who sell products. And an annual update is established for inflation.
Among the main changes that the Government seeks to make for personal assets is the elimination of the treatment of differential rates depending on the location of the assets (in the country and abroad).
Furthermore, the project proposes a benefit for Compliant TaxpayersThat is, those who have complied with all of their obligations regarding Personal Assets for the fiscal periods 2020 to 2022 will have a reduction of 0.25% in the rate for the periods 2023, 2024, 2025 and 2026. However, It should be noted that if the taxpayer adhered to the asset regularization regime, he could not be categorized as a compliant taxpayer.
The new values for the 2023 fiscal period would be:
- Non-taxable minimum: $100,000,000 (currently $27.3 million)
- Minimum for a residential home: $350,000,000
Regarding the scale, “an individual and voluntary regime is proposed that includes the advance payment of the Personal Property Tax (ISBP) and any other property tax (whatever its name) that may complement or replace the ISBP for the periods 2024 to 2027″, the report indicated.
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