This Thursday, the Minister of Economy Sergio Massa, confirmed through his social networks that, as of January 1, 2023, the floor of the Income Taxwhich will represent tax relief for hundreds of workers.
As explained by the minister, with the change more than 300,000 workers from all over the country will stop paying the tributewell, from next year, the floor of the Income Tax it will be $404,062.
“With great effort from the State, but convinced that the salary is not profit, but remuneration, on January 1 the floor from which the salary is paid will be updated again. Income Taxbringing tax relief to more than 300,000 workers who will stop paying it,” wrote the head of the Palacio de Hacienda.
In turn, this means that, following updates, about 600 thousand workers must continue with the tax contribution, that is, less than 10% of salaried workers in the national territory.
The minister also explained that “progressivity will be maintained at the entrance to avoid jumps in the tax scales” and explained: “in addition, personal deductions and sections of the tax scale will be updated to generate tax relief for higher income earners.
Massa highlighted: “This measure is part of our ongoing commitment to comply with a roadmap that brings tax relief to the population while we continue to improve people’s income, purchasing power, and quality of life.”
This, since one of the objectives of the Government is that wages do not lose against inflation and, within this framework, updating the non-taxable minimum will contribute so that workers do not lose more purchasing power.
What was the last tax update
On November 1, the Government made the last update of the tariff, with an increase of 17.5% on the non-taxable minimum that went from $280,000 to $330,000. The measure benefited 380,000 workers in a dependency relationship.
At that time, the Government also established that the payment of the Christmas bonus in December would be exempt from tax, up to the amount of $165,000, in the event that the monthly average of the amount of the annual salary does not exceed $330,000.
