Economy Minister Sergio Massa revealed on Monday that the Argentine government will raise the threshold for an income tax to AR$1.7 million pesos per month (US$2,620 at the MEP exchange rate, US$2,404 at the blue chip swap rate), beginning in October. The announcement comes as the Union por la Patria candidate enters the home stretch in his campaign to be Argentina’s next president. The General Confederation of Labor (CGT, by its Spanish acronym) confirmed to the Herald that Massa convened the institution’s entire board of directors for the announcement. In a nine-page document titled “Eliminación Impuesto a Las Ganancias Trabajadores y Jubilados” (“Elimination of the Income Tax for Workers and Pensioners”), the Economy Ministry noted that 890,000 people are currently paying the income tax and that 800,000 would become exempt. The measure aims to make the tax the exclusive burden of CEOs, managers, sub-managers, privileged pensioners, and other high-income earners.

Source: Bueno Aires Herald September 12, 2023 00:05 UTC