What are the new floors of the Personal Property Tax

What are the new floors of the Personal Property Tax

The session in which the modifications to the current law were approved. Photo: Florencia Downes.

The reform of the Personal Property Law that the Senate of the Nation sanctioned this Wednesday raises the non-taxable minimums to six million pesos, for private objects, and thirty million for houses.

Here are the main points of the measure:

– Art. 24 of Law 23,966 on personal property tax in order to increase the non-taxable minimum from two to six million pesos. In the case of the property intended for a house-room, the floor is set at 30 million pesos, when before it was 18 million pesos.

-It is provided that these amounts will be adjusted annually by the coefficient arising from the annual variation of the General Level Consumer Price Index (CPI) of the INDEC corresponding to the month of October of the year prior to the adjustment with respect to the same month of the previous year.

Economy highlighted that 131,000 taxpayers will stop paying Personal Assets

The Minister of Economy, Martín Guzmán, stressed this Wednesday that with the sanction of the modifications to the Personal Property tax, 131,000 taxpayers will stop paying the tax.

“The project to modify Personal Assets is law. An equitable measure that improves the Argentine tax system,” Guzmán said, retweeting a thread of messages issued by the Ministry of Economy after the approval of the initiative in the Senate.

Through its account on the social network Twitter, the Palacio de Hacienda specified that with the rule sanctioned by Congress “the level of collection will be maintained with the increase of millions of the non-taxable minimum”, which it described as “a measure progressive, sustainable and equitable “, after the approval of the changes produced in the Senate.

– For the purposes of using the aforementioned index, the provisions of article 10 of Law 23,928 (convertibility law) and its amendments, which prohibits the indexation of debts, taxes, prices or rates of goods, works or services are not applicable.

– Two new tranches are added for national goods of 1.50% and 1.75% for the portions of the tax bases that exceed 100 million and 300 million pesos, respectively.

The aliquots for goods located abroad are modified and percentages ranging from 0.70% to 2.25% are established. Likewise, the national Executive Power is delegated the power to reduce these percentages in the case of financial assets located abroad, in the event of verifying the repatriation of the proceeds of their realization, in which case it may set the magnitude of the return of up to the amount duly paid.

-The national Executive Power is empowered to increase, during fiscal year 2022, the amounts provided for in subsection z) of article 26 (exemption for the supplementary annual salary) and in the second-to-last paragraph of subsection c) of article 30 of the Law Income Tax.

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