Workers who receive a gross monthly salary of up to 175,000 pesos ($1,777) will be exempt from taxes:
Argentina will increase the minimum wage base on which to pay income tax in an attempt to improve the purchasing power of workers, reported the Ministry of Economy on Wednesday in a statement.
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Workers who receive a gross monthly salary of up to 175,000 pesos ($1,777) will be exempt from tax. The complementary annual salary will not be taxed either. Until now, the floor on which the tribute was paid was 150,000 pesos.
The measure seeks to “strengthen the purchasing power of taxpayers and their families and, with that, the consolidation of demand and the internal market,” said the ministry.
Due to the high inflation that afflicts the country, wages tend to adjust, which implies that more workers reach the minimum on which income tax is paid.
The measure seeks to “ensure that during 2021 the number of people affected by the tax does not increase, as a result of the growth in nominal wages,” the ministry added.