Argentine finance minister, Amado Boudou, has announced that the minimum threshold for paying income tax will be increased by 20%.
Boudou said a single person will have to earn ARS4,818 (USD1,225) or more per month before they start paying income tax, up 20% from the previous ARS4,015. Married couples with two children will start paying income tax once they earn ARS6,662.80 per month, also up 20% from the previous level of ARS5,554.
This will mean the Argentine government will forgo ARS3.18bn in revenues as a result of the move. The change is largely an inflation adjustment which the unions have demanded for months, but Boudou presented the government decision as an additional boost for the Argentine economy, which is expected to grow 5% this year.
.Tags: tax | individuals | inflation | individual income tax | Argentina | tax thresholds
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