Income Tax Regulations for Human Persons
Dear Industrialists,
We share with you the details of General Resolution 5008/2021 of the AFIP linked to the modifications in Earnings for employees in a dependency relationship, among which the tax floor for monthly salaries of up to $150,000 gross stands out. The AFIP regulations implement the modifications introduced by Law 27,617. Below we share the central points of the regulations:
- Changes in the income tax are regulated, raising the special deduction so that salaries and/or gross assets of up to $150,000 are not subject to the tax. The tables are also published with the treatment to be applied to salaries and/or gross assets between $150,000 and $173,000 so that the tax is applied to them with an increased deduction that mitigates taxation. On the other hand, those who earn more than $173,000 gross continuen paying Profits as before.
- Precisions are established with respect to the application of exemptions in the SAC for gross monthly remunerations of less than $150,000 and with respect to the amounts received as bonuses for productivity, cash failure, or concepts of a similar nature, up to a amount equivalent to FORTY PERCENT (40%) of the non-taxable profit and with effect for subjects whose remuneration and/or gross income - does not exceed the sum equivalent to THREE HUNDRED THOUSAND PESOS ($ 300,000.-) monthly.
The amount of remuneration and/or gross income to be considered to determine the origin of the exemption from said concept will result from the average of the monthly 'gross remuneration' of the annual fiscal period.
- The procedure and amounts of personal deductions that withholding agents must be established are establishedtake into account from the remunerations accrued in June 2021.
- The modifications introduced by Law 27,617 are implemented in relation to the increase in the special deduction of Income Tax corresponding to sons and daughters with disabilities.
- The agency's resolution also incorporates the deduction for cohabiting partners, previously recognized only for spouses.
- In addition, the increased special deduction was implemented so that the tax only reaches people with monthly salaries greater than $150,000 gross, or those retirements that exceed 8 minimum salaries
- Likewise, health personnel are exempt from paying the tax for overtime or on-call duty until September.
- When the retention agent obhas a balance in favor of the amounts that are refunded, they may be applied to withholdings and/or receipts of value added tax (VAT).
- The refund of the amounts withheld in excess will be made in 5 equal, monthly and consecutive installments in the months of July to November 2021. The AFIP resolution provides that the amounts withheld between January and May as advances of the Income Tax will be refunded in five consecutive and identical monthly installments starting in July.
Informative statements:
- The AFIP increases the income and income threshold from which taxpayers must submit informative asset tax returns for Income and Personal Property taxes.
- The annual gross profits from which theTaxpayers are required to submit the informative affidavit for income and personal property taxes corresponding to the 2020 fiscal period.
- The expiration date for this declaration will be 07/31/2021.
We attach the corresponding regulations and annexes. Likewise, any query can be channeled through the following link: Tax Advice - ADIMRA Single Window< /p>
.png)
.png)
.png)